Nationwide fined £44m in UK for CDD and monitoring failings

Ineffective anti-money laundering (AML) controls between 1 October 2016 and 1 July 2021 have cost Nationwide - the UK's largest building society, which operates around 10% of retail banking accounts - a £44,078,500 (US$58,951,250) fine by the Financial Conduct Authority (FCA).

Ineffective anti-money laundering (AML) controls between 1 October 2016 and 1 July2021 have cost Nationwide - the UK's largest building society, which operates around 10% of retail banking accounts - a £44,078,500 (US$58,951,250) fine by the Financial Conduct Authority (FCA). [1]