AMLR Solutions 
AMLR Consultation
EUDI Wallet
Onboarding
Ongoing Monitoring
FRAML
KYC
KYB
KYI
Age Assurance
Workforce IAM
Candidate Verification
Account Takeover
Bonus/ Promotion Abuse
Chargeback Fraud
Deepfake
Document Fraud
Fraud Networks
Impersonation Fraud
Money Mule Activity
Multi-Accounting
Party Fraud
Regulatory & Compliance Risks
Synthetic Identity Fraud
Adult Content
Banking
Crypto
Fintech
Forex
Compliance
Fraud prevention
Trust & safety
Global expansion
Compliance Officers
Developers
Fraud Analysts
Product Managers
Journey Builder 
Global Trust Platform
Customer Profiles
Vendor Comparison
IDV Case Management
AML Case Management
Regulatory Reporting
Agentic Rule Builder 
AI Compliance Co-Pilot 
Fraud Analytics
Fraud Hub 
OCR
Shufti AI
Bank Account Verification 
Biometric Duplication
Database Checks
Document Intelligence
Government ID
Mobile Driver's License
NFC
Selfie Liveness
Brand Personalisation
Deployment Options
Identity Methods
IDV Modes
Multi-tenancy
On-Premise IDV
Secure Capture
Shufti MCP
FCA, Britain’s financial watchdog, revealed on Wednesday, 11th Jan 2023 that it had imposed a 4 Million pounds ($4.85 Million) fine on Al Rayan Bank PLC over AML control failures.
According to the FCA (Financial Conduct Authority) statement, Al Rayan Bank PLC allowed finances to be passed through the bank and used within the UK between April 1, 2015, and Nov 30, 2017, without sufficient checks.
“Al Rayan was aware of these weaknesses and failed to implement effective changes to fix them, despite the FCA raising concerns about the inadequacies of their systems,” the FCA said in a statement.
The FCA also mentioned that the bank agreed to settle the charges from the financial authority without any dispute, therefore is eligible for a 30% wave from the fines, which otherwise would have been 5.7 Million pounds. ($6.92 million).
Giles Cunningham, the Chief Executive of Al Rayan Bank, said the financial watchdog did not find any evidence of criminal activity and money laundering by the bank or any of its customers. Also, none of the bank’s existing management was in a senior role at the time.
“The financial penalty will have no material impact. The Bank remains well capitalised and will report very strong financial results for 2022,” Cunningham said in a statement.
All identified weaknesses have been fully resolved, Cunningham said.
The FCA revealed after the watchdog’s visit in 2017; the bank willingly consented not to take further high-risk clients.
“This restriction has now been lifted, following improvements to the bank’s systems and controls, but the bank remains subject to some limited restrictions while further improvements are made,” the FCA said.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
“The FCA will continue to raise the stakes for firms that do not take their financial crime responsibilities seriously, especially in preventing money laundering risks which harms confidence and integrity in our market and in preventing financial crime, which is a key component in the FCA’s three-year strategy.”
Regulators have been putting pressure on banks to have strong anti-money laundering controls in place.
FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures
FCA Says Bankman-Fried FTX Cryptocurrency Exchange Not Regulated in the UK
