FCA Enforcement Fines Hit £227M As Probe Numbers Jump

Law360, London (July 9, 2019, 6:21 PM BST) -- The U.K.'s financial watchdog imposed more than £227 million ($283 million) in fines over the past year as financial services companies were hit with heavy penalties for money laundering and cybersecurity violations amid a skyrocketing number of open probes at the agency.

New figures published Tuesday by the Financial Conduct Authority showed the fines have trebled in value for the year ending March 2019 to £227.3 million — up from £69.9 million a year earlier.

The penalties stem from big cases like the £102 million penalty against Standard Chartered Bank for anti-money laundering lapses, £16.4 million against Tesco Bank for failing...

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