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- The Financial Conduct Authority hasactually fined anti-crypto bank Starling Bank $38 million for severe failings in its monetary criminalactivity controls
- Starling Bank hasactually confessed to opening accounts for high-risk clients, breaching FCA guidelines inbetween 2019 and 2023
- The bank has consideringthat taken actions to rectify its drawbacks, consistingof improving its governance and threat management structures
Starling Bank, which openly prohibited cryptocurrency use on its platform, hasactually been fined £29 million ($38 million) by the UK’s monetary regulator for considerable shortages in its monetary criminalactivity avoidance systems. The Financial Conduct Authority’s (FCA) examination exposed that the bank’s manages were inadequate to secure versus lawbreakers and approved people after the bank aired these precise issues with its crypto position. The FCA discovered that Starling stoppedworking to comply with secret guidelines developed to curb monetary criminaloffense inbetween 2019 and 2023, providing it with the fine as a result.
Starling Banned Crypto Activities
Starling made headings in May 2021 when it prevented consumers from withdrawing funds from crypto exchanges and purchasing cryptocurrency through its services, calling it “a short-lived procedure” taken to “protect clients.”
The bank strengthened its position the following year, prohibiting clients from any kind of cryptoc