Starling Bank fined £29m for sanctions breaches
The UK financial regulator has fined app-based Starling Bank £29m for “shockingly lax” failures related to financial sanctions screening.
The Financial Conduct Authority (FCA) said that Starling had reported “multiple potential breaches of financial sanctions” despite its financial checks process being under scrutiny by the regulator.
The fine was reduced by 30% from £41m because it…