Nationwide Fined £44M for Financial Crime Lapses

Nationwide Building Society fined £44 million for failing to manage financial crime risks among customers over five years. The FCA found inadequate systems to monitor customer information and transactions, leading to missed opportunities to detect money laundering. One customer received £27.3 million in fraudulent Covid furlough payments, with £800,000 still unrecovered. Nationwide identified issues and cooperated with the FCA, receiving a 30% discount on the original £62.9 million fine.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.