FCA fines Starling Bank £28.96m for serious shortcomings in its AML systems, notably regarding financial sanctions screening and the identification of beneficial owners and high-risk individuals

Deficiencies detected include Starling only screened its customers against the sanctions records for individuals who were known to reside or have links to the UK. A misconfiguration in the screening system that had existed since 20 July 2017 resulted in customers or prospective customers only being screened against individuals on the Consolidated List…