The Financial Conduct Authority (FCA) has fined Bank of Beirut 2.1 million GBP for misleading it about its implementation of financial crime controls. In addition, the bank is barred for 126 days (21 6-day banking weeks) from opening accounts in high-risk areas. The former compliance officer (Anthony Wills) and internal auditor (Michael Allin) were also both fined by the FCA, for failing to be open and cooperative in their responses to the regulator’s queries about mitigating financial crime risk.
The notice notes that the fines and restrictions meted out were reduced by the quick settlement of the parties. It also concludes with an extensive set of additional resources, including the Final Notices of the parties who settled with the FCA.
Link:
Final Notices – Bank of Beirut, Anthony Wills, Michael Allin