Britain`s FCA fines Sonali Bank UK branch $4.04m

Bangladesh’s Sonali Bank’s UK branch has been fined £3.25 million (US $4.04 million) for anti-money laundering failings.

Britain’s Financial Conduct Authority (FCA) slapped the fine on the state owned bank of Bangladesh for its failures in anti-money laundering controls.

Sonali Bank (UK), 51 per cent owned by the Bangladesh government, had "serious and systemic weaknesses" at almost all levels of its anti-money laundering control structure, the FCA said on Wednesday.

Regulators worldwide have in recent years been stepping up efforts to enforce better money-laundering controls on banks, following a series of high-profile failings at major lenders, according to bdnews24.com