Starling Bank Fined £29M! 😱

"Hey everyone, welcome back to Wealthy Business! Today, we're covering the news that U.K.'s digital lender Starling Bank has been fined £29 million, or $38.5 million, by financial regulators. The Financial Conduct Authority (FCA) hit Starling for serious failings in its financial crime prevention systems. The bank opened accounts for high-risk customers and failed to comply with sanctions screening.

Starling's Chairman has apologized, stating that they’ve learned from these failures and have implemented stronger measures to prevent future issues. With Starling’s IPO plans possibly delayed, this is a big shake-up for the digital banking industry. Stay tuned for more updates!

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