Financial Markets and Funds Partner Nathaniel Lalone discusses with Law360 the implications of the FCA issuing its largest fine for 2024 to Starling Bank Ltd. for inadequate anti-money laundering and sanctions controls. Nate says that the fine underscores the seriousness of financial sanctions screening but warns that egregious cases like Starling Bank's should not indicate that the FCA is only looking to target extreme violators.
Nate stated, "Hopefully firms do not reach the unwarranted conclusion that the FCA is only likely to pursue shockingly deficient behaviors that persist over a long period of time."
"FCA's £29M Fine Of Starling Sends Wider Compliance Warning," Law360, October 4, 2024
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