Another Revolut Fine – This Time from the Central Bank of Lithuania
April 10, 2025
On 8 April 2025, the Bank of Lithuania imposed a €3.5 million penalty on Revolut Bank UAB – the largest penalty ever for the neobank
Tag: AML Compliance
FCA Desk-Based Reviews: Insights and Compliance Challenges
April 1, 2025
The UK’s Financial Conduct Authority (FCA) significantly increased its supervisory activity on firms’ anti money laundering and terrorist financing (AML/CTF) controls in the 2023-24 reporting
Does the world still need money laundering?
December 2, 2024
Those of you who were in the payments space pre-COVID, might remember my industry talks about ‘Why the World Needs Money Laundering’. The world has
FCA fines Metro Bank £16 million for financial crime failings
November 13, 2024
The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems
What businesses can learn from Starling Bank’s £29M FCA fine
October 3, 2024
The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in
FCA issues warning to firms over AML failings
March 7, 2024
In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1
FCA issues £6.5m fine for AML failures: key lessons for firms
October 10, 2023
In a recent development, the Financial Conduct Authority (FCA) has fined ADM Investor Services International Limited (ADMISI), a prominent broker, a staggering £6,470,600. This substantial
Protecting Your Business: The Importance of Financial Crime Audits
April 3, 2023
In today’s fast-paced business environment, financial crime is becoming an increasingly significant concern for firms of all sizes. Activities such as money laundering, fraud, and
An Introduction to Customer Risk Assessments
March 27, 2023
Customer Risk Assessments are fundamental to Financial Crime compliance and a priority of the FCA. They help financial institutions identify and assess the risks associated
Lessons learnt from the recent financial crime fines issued by the FCA
March 2, 2023
It has been noted, that in 2022 the number of regulatory enforcement powers exercised by the UK’s Financial Conduct Authority (FCA) increased. Fines issued by