AML wake-up call: key takeaways from recent FCA fines
Published on: 19/08/2025 00:00
Recent Financial Conduct Authority (FCA) fines against major UK banks including Barclays, Monzo, Starling and Metro, highlight that persistent shortcomings in the sector’s Anti-Money Laundering (AML) controls remain. From inadequate Customer Due Diligence (CDD) at onboarding, to flawed Enhanced Due Diligence (EDD) and inconsistent transaction monitoring, these failures reveal systemic issues that firms need to show they are addressing if they want to avoid the scrutiny of the regulator.
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