FCA CRITICISES SLOPPY AML/CFT STANDARDS AT BOOMING ONLINE UK ‘CHALLENGER’ BANKS
April 22nd, 2022
Britain’s Financial Conduct Authority (FCA) has warned that the UK’s booming ‘challenger banks’, that use online services to work with customers, often fail to comply with their AML/CFT obligations.
The verdict came from a detailed FCA review of the sector, which is growing fast, with statistical service Statista saying the top 10 UK challenger banks had a combined asset base of GBP307 billion (USD391 billion) in 2020 alone. (1)
“The weaknesses we found create an environment for more significant risks of financial crime to occur both when customers ...
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