Warning on challenger banks' account-opening controls, as Starling fined £29m

Starling Bank has been penalised £28,959,426 for failings in its financial crime systems and controls that allowed it to open accounts for over 500 high-risk customers who should have been immediately refused.

By Neasa MacErlean

Many of them had been the subject of a Suspicious Activity Report to the National Crime Agency. The breaches continued to occur despite warnings from the FCA, the appointment of a Skilled Person and the agreement of voluntary requirements.