HALISTER1: Sonali Bank Fined GBP3.3M by FCA for Money Laundering Failings

Sonali Bank Fined GBP3.3M by FCA for Money Laundering Failings

(Bloomberg) -- Sonali Bank can’t accept any new deposits for 168 days and its ex-money laundering reporting officer was fined GBP17,900, the U.K.’s FCA says in a statement.
  • Regulator found “systemic weaknesses affected almost all levels” of the bank’s anti-money laundering controls
  • Despite previous warnings about serious weaknesses in its AML controls, Sonali failed to maintain adequate anti-money laundering systems between August 2010 and July 2014, FCA says
  • SBUK and Steven Smith settled probe at an early stage and qualified for a 30% discount: FCA
  • “The FCA will not hesitate to take action against firms and senior individuals who fall short of our standards,” Mark Steward, Director of Enforcement and Market Oversight at the FCA
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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1191111Z LN (Sonali Bank UK Ltd)

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