UK regulator fines Starling Bank £29m for ‘shockingly lax’ screening controls

Mark Taylor of Ibex Compliance identifies the key learning points from the FCA’s action against Starling Bank.

The FCA has fined Starling Bank Limited £29m ($38.5m) for financial crime failings related to its financial sanctions screening. It also repeatedly breached a pre-existing regulatory requirement not to open accounts for high-risk customers.

Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures

When the FCA reviewed

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