Starling Bank fined £29m in UK over high-risk customer and sanctions control breaches

Digital challenger Starling Bank must pay a UK£28,959,426 (US$38,448,705) penalty after it failed to comply with the terms of a voluntary requirement (VREQ) agreed with the UK Financial Conduct Authority (FCA) not to take on high and higher ML risk customers until it had fixed its AML model, and for sanctions screening deficiencies.

Digital challenger Starling Bank must pay a UK£28,959,426 (US$38,448,705) penalty after it failed to comply with the terms of a voluntary requirement (VREQ) agreed with the UK Financial Conduct Authority (FCA) not to take on high and higher ML risk customers until it had fixed its AML model, and for sanctions screening deficiencies. [1]