Nationwide fined £44m for 'inadequate' crime controls
Source: BBC
Nationwide has been fined £44m for not having the right processes in place for detecting financial crime between 2016 and 2021.The building society had "ineffective systems" for assessing risk and monitoring the transactions of its customers, the Financial Conduct Authority (FCA) said.In one instance, Nationwide missed opportunities to identify a customer who had £26m of fraudulent Covid furlough payments paid…
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