Starling Bank, a rapidly growing digital bank in the UK, has been fined nearly £29 million by the FCA for failing to adequately tackle financial crime, including breaching requirements related to financial sanctions screening and opening accounts for high-risk customers. Despite its promise to simplify banking for customers, Starling’s lax controls led to screening failures and over 54,000 accounts for 49,000 high-risk customers being opened. The bank has since acknowledged its shortcomings, reported potential breaches, and taken steps to rectify the issues.
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Got $1,000? Here Are 2 Fantastic Stocks to Buy Right Now.
For those looking to invest in the stock market, Nvidia (NVDA) and Taiwan Semiconductor Manufacturing (TSM) are recommended stocks, with a suggested holding period of three to five years to realize potential gains. Both companies are capitalizing on the significant growth in artificial intelligence, with Nvidia's GPUs being crucial for AI models and TSMC producing chips for various competitors. Management forecasts indicate Nvidia's revenue could increase significantly over the next five years, while TSMC anticipates...
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