Azizur Rahman | 10 October 2024
Share on:
Contact The Author >
Aziz Rahman wrote about the importance of the Financial Conduct Authority (FCA) fining Starling Bank £28.9 million for sanctions shortcomings.
In an article for FT Adviser, Aziz outlines the digital bank’s failings and says the fine is a strong sign that sanctions compliance is high on the authorities’ agenda. He argues that those coming into contact with sanctioned entities can expect severe punishment if they fail to meet their obligations.
Aziz contrasts the size of the fine with a £15,000 one recently issued by OFSI and says the FCA “may now be hitting its stride when it comes to sanctions’’.
He adds that Starling receiving a 30% discount on the penalty as it was willing to resolve the investigation at an early stage shows what can be achieved with the right response.
The full article can be read here.
Featured at: FT Adviser
+44 (0)203 911 9339 vCard
