Starling Bank fined £29 million over for inadequate financial crime controls

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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