Challenger bank apologises after City regulator says lack of checks ‘left system wide open to criminals and those subject to sanctions’

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Starling Bank has been fined £29m by the City watchdog for “shockingly lax” financial crime controls which “left the financial system wide open to criminals and those subject to sanctions”.

The Financial Conduct Authority (FCA) said the challenger bank had grown quickly but “measures to tackle financial crime did not keep pace with its growth”.