FCA censured CACEIS UK after the bank agreed to pay £31.7M to compensate WealthTek clients for losses linked to serious failures in its financial crime controls and client due diligence

As WealthTek’s sub-custodian, CACEIS UK repeatedly ignored warning signs that the firm lacked the necessary permissions to hold certain client assets and client money, opened accounts despite those concerns, and failed to investigate internal monitoring alerts. In recognition of the firm’s extensive cooperation and the substantial voluntary payment, the FCA chose not to impose a fine, although it stated it would otherwise have levied a £23.1 million…