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998 Metro Bank automated crime prevention system cost it £16m

UK Tech News
Oscar Hornstein @ UK Tech News · 11/12/2024 04:45 EDT

Metro Bank automated crime prevention system cost it £16m

Metro Bank has been fined £16m by the UK financial regulator due to inadequate criminal transaction monitoring. The Financial Conduct Authority (FCA) handed the bank the fine over its failure to adequately monitor more than 60 million transactions, worth over £51bn, for money laundering risks. The inadequate anti-money laundering monitoring took place between June 2016 ...

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