Tag: Gatehouse Bank

FCA Fines Gatehouse Bank With £1.5 Million For Money Laundering Issues

FCA Charlene Lensburg -
Money laundering is gradually becoming a serious crime in Europe as well. The UK Financial Conduct Authority (FCA) fined Gatehouse Bank £1.5 million for its relaxed money-laundering checks. Gatehouse (website) failed to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing. Gatehouse also failed to undertake the appropriate checks when some of the customers were classed as Politically Exposed Persons (PEPs).