Metro Bank

METRO Bank is undergoing a major review of its compliance controls after handling money from Cuba and Iran in breach of strict US and EU sanctions

Status:Risk Alert – Entity in a problematic sector - Sector controlled by the Top Alert entities

Risk Level:unknown %

Info:
METRO Bank is undergoing a major review of its compliance controls after handling money from Cuba and Iran in breach of strict US and EU sanctions;

The review is being handled by a top level team of investigators at law firm DLA Piper, which was hired after the Iranian funds were received by the bank last year;

Depending on how the authorities assess the review outcome, Metro could face swingeing fines although it has not made any provisions in its accounts for such an outcome. Iran is sanctioned in the UK and EU as well as the US;

Compliance experts said that, under KYC rules, it is no excuse to say a payment from a banned company came via a third party. Banks also have a duty to make sure they are not dealing with anyone on the regular OFAC lists of banned organisations and individuals;

Established:
2010

Country:
United Kingdom

Address:
United States

Website:
www.metrobankonline.co.uk

E-mail:
info@metrobankonline.co.uk

Reason for the color:
» Metro Bank in probe over Iran sanctions breaches;