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Release Date: 5th March 2015

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Bank of Beirut (UK) Ltd £2.1 million and imposed a 126-day restriction on acquiring new customers from high-risk jurisdictions. The fines and restrictions were due to the bank repeatedly providing misleading information regarding its financial crime systems and controls. Additionally, Anthony Wills, former compliance officer, and Michael Allin, internal auditor, were fined £19,600 and £9,900 respectively for failing to cooperate with the regulator.

Key Points:

Misconduct Details:

FCA’s Position:

Georgina Philippou, acting director of enforcement and market oversight at the FCA, highlighted the critical need for firms to provide accurate information for consumer protection and market integrity. The misleading communications from the Bank of Beirut and its employees impeded the FCA’s regulatory efforts and increased the risk of financial crime.

Compliance Actions and Failures:

Cooperation and Penalties:

Key Takeaways for Other Firms:

The FCA’s actions against Bank of Beirut, Wills, and Allin serve as a stern reminder of the importance of maintaining robust compliance frameworks and ensuring transparency with regulators to uphold market integrity.

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