Metro Bank fined £16.7 million for financial crime failings

The Financial Conduct Authority issued a penalty to Metro Bank after its systems failed to spot potentially suspicious customer accounts

Metro Bank branch
(Image credit: Getty Images/jax10289)

Metro Bank has been fined £16.7 million by the Financial Conduct Authority (FCA) after an automated system the brand setup to monitor transactions failed to spot potential cases of financial crime.

Under FCA rules, banks are required to have anti-money laundering systems in place to check customer accounts and ensure money isn’t being used for illegal or suspicious purposes.

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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.