FCA fines Nationwide Building Society £44M over serious lapses in financial crime controls, including inadequate monitoring, detection, and reporting of suspicious activity

The FCA finds that Nationwide’s shortcomings in AML/CFT systems, including ineffective transaction monitoring and inadequate risk assessments persisted over several years, undermining its ability to identify and escalate potential criminal activity. It also highlights failures in governance, oversight and timely remediation, and directs the firm to strengthen controls to protect customers and the integrity of the UK financial system…