Fines issued by the UK Financial Conduct Authority (FCA) have increased nearly four-fold to £577m this year. The surge in fines comes after Natwest was fined £265m after it admitted it had failed to prevent money laundering. HSBC Bank was also fined £63.9m for failings in its anti-money laundering processes after it used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime.
According to law firm RPC, this has taken FCA fines to their highest value in six years. RPC said this showed that when regulated businesses committed serious failings, the FCA was prepared to levy severe fines and, in circumstances such as failures around money laundering, the FCA may pursue a criminal prosecution.
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