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FCA fines Sonali Bank for anti-money laundering failings
October 12, 2016 / 9:28 AM / a year ago

FCA fines Sonali Bank for anti-money laundering failings

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON (Reuters) - Britain’s Financial Conduct Authority (FCA) fined a bank owned by the Bangladesh government 3.25 million pounds for failures in anti-money laundering controls, the FCA said on Wednesday.

Sonali Bank (UK), 51 percent owned by the Bangladesh government, had “serious and systemic weaknesses” at almost all levels of its anti-money laundering control structure, the FCA said.

Regulators worldwide have in recent years been stepping up efforts to enforce better money-laundering controls on banks, following a series of high-profile failings at major lenders.

Reporting by Lawrence White, editing by Louise Heavens

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