On 2 October 2024, the FCA issued a final notice announcing it had fined digital challenger bank Starling Bank Limited £28,959,426 for financial crime and sanctions systems and controls failures. This included breaching a voluntary FCA requirement (VREQ) not to open any new accounts for high-risk customers while it remediated its anti-money laundering framework and failures in its financial sanctions controls. During the relevant period, Starling onboarded 49,183 high or higher risk customers.
UK Enforcement Agencies Crack Down on Financial Crime Control Failures, Sanctions Violations
