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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 restricted it from acquiring new customers from high-risk jurisdictions for 126 days due to the bank’s repeated provision of misleading information about 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 deal with the regulator in an open and cooperative manner.

Key Issues:

FCA’s Position:

Georgina Philippou, Acting Director of Enforcement and Market Oversight at the FCA, emphasized the importance of accurate information from firms to ensure consumer protection and market integrity. The misleading information from Bank of Beirut and its employees significantly hindered the FCA’s regulatory effectiveness and increased the risk of financial crime.

Compliance Actions and Failures:

Outcomes and Cooperation:

Key Takeaways for Other Firms:

This case underscores the FCA’s commitment to enforcing regulatory compliance and the severe consequences for firms and individuals who fail to meet these standards.

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