Starling Bank has been fined £39 million for its failure to prevent financial crime, marking a significant setback for the digital bank. The UK’s Financial Conduct Authority (FCA) imposed the penalty after an investigation revealed that the bank had inadequate anti-money laundering controls and processes. This fine underscores the increasing scrutiny on financial institutions to maintain rigorous compliance standards. Starling Bank has acknowledged the findings and is committed to strengthening its compliance measures to prevent such issues in the future.
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