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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 penalties were due to the bank repeatedly providing 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 cooperate with the FCA.

Key Points:

Misconduct Details:

FCA’s Position:

Georgina Philippou, Acting Director of Enforcement and Market Oversight at the FCA, emphasized the need for accurate information from firms to ensure consumer protection and market integrity. The misleading information from the Bank of Beirut and its employees significantly hindered 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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