Metro Bank was fined £16.7 million by the FCA for failing to adequately monitor over 60 million transactions, worth £51 billion, for money laundering risks due to a flawed automated system. The bank has since fixed the errors identified in 2019, resulting in a 30% discount on the fine and a strategic shift towards higher yielding lending. Metro Bank reported profitability in the third quarter, with a focus on commercial, corporate, small business, and specialist mortgages to drive long-term sustainable profitability.
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