Nationwide fined £44m for inadequate financial crime controls

One of the largest fines of 2025 comes after building society declared itself to the FCA.

The UK’s FCA has fined Nationwide £44m ($58.8m), saying the building society had “ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers,” rendering it unable to properly monitor transactions between October 2016 and July 2021.

Nationwide did not offer business current accounts at this

Free Trial

Register for free to keep reading.

To continue reading this article and unlock full access to GRIP, register now. You’ll enjoy free access to all content until our subscription service launches in early 2026.

  • Unlimited access to industry insights
  • Stay on top of key rules and regulatory changes with our Rules Navigator
  • Ad-free experience with no distractions
  • Regular podcasts from trusted external experts
  • Fresh compliance and regulatory content every day
Register for free Already a member? Sign in