Starling Bank has been fined £29 million ($38.5 million) by the UK Financial Conduct Authority (FCA) for what regulators described as 'shockingly lax' controls around financial crime prevention. The fine addresses serious failings in the bank's systems and controls to prevent financial crimes, including money laundering and sanctions breaches. The FCA's action highlights significant lapses in Starling Bank's customer checks and screening processes. Goldman Sachs-backed Starling Bank has faced scrutiny for its inadequate measures to manage risky customers, leading to this substantial penalty.