🌍 Nationwide Fined £44 Million for Lapses in Financial Crime Detection
Nationwide, one of the largest building societies in the UK, has been hit with a hefty £44 million fine by the Financial Conduct Authority (FCA) in Britain. The penalty was imposed for Nationwide’s failure to implement adequate measures to detect financial crime between 2016 and 2021.
The FCA stated that Nationwide lacked “ineffective systems” for financial analysis and monitoring customer transactions, leading to a failure to detect financial crimes.
In one specific case, the Financial Conduct Authority reported that Nationwide missed opportunities to detect unusual activity after £26 million of furloughed workers’ salaries (due to Covid-19) was disbursed into a single personal account over a period of just eight days.
Nationwide claimed that it fully cooperated with the regulator during its investigation and confirmed it has been investing in its anti-crime systems since 2021 to ensure they are improved and become “robust.”
United News Network – UNN Arabic
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🌍 Nationwide Fined £44 Million for Lapses in Financial Crime Detection
Nationwide, one of the largest building societies in the UK, has been hit with a hefty £44 million fine by the Financial Conduct Authority (FCA) in Britain. The penalty was imposed for Nationwide’s failure to implement adequate measures to detect financial crime between 2016 and 2021.
The FCA stated that Nationwide lacked “ineffective systems” for financial analysis and monitoring customer transactions, leading to a failure to detect financial crimes.
In one specific case, the Financial Conduct Authority reported that Nationwide missed opportunities to detect unusual activity after £26 million of furloughed workers’ salaries (due to Covid-19) was disbursed into a single personal account over a period of just eight days.
Nationwide claimed that it fully cooperated with the regulator during its investigation and confirmed it has been investing in its anti-crime systems since 2021 to ensure they are improved and become “robust.”
United News Network – UNN Arabic
An independent media platform that provides reliable news and objective analysis, seeking to promote peace and cultural dialogue around the world, to convey the truth and build bridges of understanding between peoples.
For more news, you can visit our homepage:
