Metro Bank Fined £16.7 Million by FCA for Failing to Monitor 60 Million Transactions Valued Over £51 Billion

Metro Bank PLC has been fined £16.7 million ($21.2 million) by the Financial Conduct Authority (FCA) for failing to monitor potential money laundering activities adequately. The bank's automated monitoring system was ineffective, leading to the neglect of red flags raised by employees as early as 2017. This failure resulted in the lack of proper oversight on over 60 million transactions valued at more than £51 billion over a period exceeding four years. The fine highlights ongoing concerns regarding compliance and risk assessment failures within the banking sector.