Regulation

FCA fines Metro Bank £16m over money laundering failures

City watchdog hits the lender with the latest fine in its financial crime crackdown

FCA fines Metro Bank £16m over money laundering failures
Photo: Mike Kemp/Getty Images

The Financial Conduct Authority has fined Metro Bank £16m for failures on how it checked for potential money laundering as the City watchdog continues its crackdown on financial crime.

For more than four years up to December 2020, Metro Bank did not properly monitor more than 60 million transactions worth £51bn for money laundering risks, according to the regulator.

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