"Under-resourced" Compliance highlighted as Gatehouse Bank fined over AML controls

The FCA has fined the third firm in two months for lacking correct controls in cases where little or no financial damage was proven to have happened.

ByNeasa MacErlean

Gatehouse Bank in London's Liverpool Street has been fined ?1.6 million for "significant weakness in its financial crime systems and controls" in relation to business carried out abroad. The role of an "under-resourced" Compliance function was highlighted by the regulator.