Metro Bank Reviewing Compliance Controls Following Cuba and Iran Sanctions Breaches
Published On February 11, 2020
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11 February 2020: Metro Bank is implementing a review of its compliance controls after it was found to be handling from Cuba and Iran in contravention of both EU and US sanctions.
Law firm DLA Piper has been instructed to carry out the review after the Iranian funds were received in 2019 – the Cuba offence occurred in November 2017. It is thought that review is at an advanced stage, focusing in particular on Metro’s ‘Know Your Customer’ rules and whether there have been other breaches. Metro Bank admitted to the breaches in its September 2019 fundraising prospectus, but devoted only four sentences to the issue.
If found guilty, Metro could face a fine proportional to the amount of money handled.
