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Starling Bank fined $39M for ‘facilitating financial crime’
Starling Bank, a popular challenger bank based in the U.K., has received a £29 million fine from the country’s financial regulator (around $39 million at
“It compounded this by failing to properly comply with FCA requirements it had agreed to, which were put in place to lower the risk of Starling facilitating financial crime.” “I would like to apologize for the failings outlined by the FCA and to provide reassurance that we have invested heavily to put things right, including strengthening our board governance and capabilities,” Starling chairman David Sproul said in a statement. We have learned the lessons of this investigation and are confident that these changes and the strength of our franchise put us in a strong position to continue executing our strategy of safe, sustainable growth, supported by a robust risk management and control framework,” he added.
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