On March 4, 2015, the FCA imposed a fine of £2.1 million on Bank of Beirut (UK) Ltd for repeatedly providing misleading information to the FCA on the bank's financial crime systems and controls. The FCA also banned the bank from securing new customers from high-risk jurisdictions for 126 days, and imposed fines on the bank's internal auditor and former compliance officer of £9,600 and £19,600 respectively for failing to deal with the FCA in an open and cooperative way when asked about steps taken by the bank to mitigate the risk of financial crime. The bank also provided the FCA with false assurances on the improvements made to its processes.
The FCA's final notices are available at: http://www.fca.org.uk/news/the-financial-conduct-authority-imposes-2-1m-fine-and-places-restriction-on-bank-of-beirut.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.