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Metro Bank fined for money laundering failings

Metro Bank fined \u00a316.7 million for money laundering failures.

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English

United Kingdom

UkFinanceRegulationBankingFinancial CrimePenalty

Metro BankFinancial Conduct Authority (Fca)Starling Bank

Therese ChambersDaniel FrumkinJaime Gilinski Bacal

What was the amount of the fine levied against Metro Bank?: Metro Bank was fined \u00a316.7 million by the Financial Conduct Authority (FCA) for failing to adequately monitor over 60 million transactions between 2016 and 2020 due to deficiencies in its money laundering checks.
What discount did Metro Bank receive on its original fine and why?: Metro Bank received a 30% discount on its fine due to agreeing to resolve the matter, resulting in a final penalty of \u00a316.7 million instead of the initial \u00a323.8 million.
What recent actions has Metro Bank taken following the regulatory action?: Following the fine, Metro Bank's CEO, Daniel Frumkin, announced the bank's return to underlying profitability in October and highlighted the bank's strategic shift towards higher-yielding lending areas and cost-cutting measures.
What were the key failings identified by the FCA in Metro Bank's operations?: The FCA's investigation revealed that Metro Bank's automated transaction monitoring system was malfunctioning, and that internal concerns raised by junior staff about the system's shortcomings were not addressed promptly.
When did Metro Bank finally ensure consistent monitoring of all relevant transactions?: Despite a fix implemented in 2019, Metro Bank did not consistently check if all relevant transactions were being monitored until December 2020, four and a half years after the system's implementation.

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