Censure replaces £76k fine for former bank CEO

The previous CEO of a bank has escaped a £76,400 FCA fine because of "exceptional circumstances". Mohammad Prodhan has received a public censure instead, for two years of anti-money laundering failings at Sonali Bank (UK) Limited. The London-based bank served the Bangladeshi community.

By Neasa MacErlean

Both the bank(£3.25 million) and the Money Laundering Reporting Officer(£17,900) were fined in relation to various failings between 2011 and 2016. "The weaknesses in these controls were serious and systemic, and affected almost all levels of its business and governance structure," says the bank's final notice.