Metro Bank Penalized £16 Million for Money Laundering Control Failures

The FCA found serious lapses in Metro Bank's monitoring systems over a four-year period, impacting over 60 million transactions.

The Financial Conduct Authority fined Metro Bank £16.6 million for inadequate anti-money laundering checks from 2016 to 2020.
Errors in Metro Bank's automated monitoring system left millions of transactions unmonitored, despite early warnings from junior staff.
The bank's failings posed significant risks to the financial system's integrity, according to the FCA.
Metro Bank has since implemented measures to address the issues and is focusing on future growth and profitability.
The fine was reduced by 30% as Metro Bank agreed to settle the enforcement action early.