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

Row of bicycles for hire sponsored by Starling Bank in Manchester city centre.

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