FCA Fines Metro Bank £16 Million for Anti-Money Laundering Failures

The UK's Financial Conduct Authority (FCA) has levied a £16 million fine on Metro Bank for deficiencies in its anti-money laundering (AML) controls between June 2016 and December 2020.

According to the FCA, Metro Bank's systems failed to adequately monitor over 60 million transactions, worth more than £51 billion, for potential money laundering risks. While the bank automated its transaction monitoring systems in 2016, the implementation proved flawed, leaving certain transactions, such as those occurring on the same day an account was opened, unchecked.

"Metro's failings risked a gap being left in our defence against the criminal misuse of our financial system," remarked Therese Chambers, the FCA's joint executive director of enforcement and market oversight. "Those failings went on for too long."

In response, Metro Bank has introduced measures to address these weaknesses. Despite the setback, the bank maintains a positive outlook for its financial performance, with a return to profit expected in the fourth quarter.