Azizur Rahman | 18 November 2024
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With both Metro Bank and Starling Bank having large penalties imposed on them for compliance failings, Rahman Ravelli examine the shortcomings of such so-called challenger banks.
In a piece published by FT Adviser, they detail Metro’s £16.7 million fine for not meeting its anti-money laundering obligations and Starling’s £28.9 million penalty for poor sanctions practices.
Rahman Ravelli explain that such challenger banks have to ensure that their rapid growth is accompanied by the adoption of screening processes that keep pace with such growth.
They warn that the new wave of banks cannot just go through the motions and do the bare minimum when it comes to meeting their anti-money laundering and other obligations.
The full article can be read here.
Featured at: FT Adviser
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