CandleFocus Starling Bank banned crypto but left financial system ‘open to criminals’
2024-10-02
Author: Content Editor
Starling, an online bank, has been fined £29 million ($38.5 million) by the UK's Financial Conduct Authority (FCA) for its poor sanction controls, which left the financial system vulnerable to criminals. Despite previously banning crypto transactions, Starling opened over 54,000 accounts for 49,000 high-risk customers between September 2021 and November 2023. The bank also failed to adequately assess its sanctions risk and consider high-risk factors associated with crypto-related platforms. Although initially facing a £41 million fine, Starling received a 30% discount for taking steps to address the issues and improve its financial crime control framework.
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