U.K. financial regulators hit British digital lender Starling Bank with a £29 million ($38.5 million) fine over failings related to its financial crime prevention systems. In a statement on Wednesday, London's Financial Conduct Authority said it had fined Starling "for financial crime failings related to its financial sanctions screening." Starling also repeatedly breached a requirement not to open accounts for high-risk customers, the FCA said. Since then, Starling has reported multiple potential breaches of financial sanctions to relevant authorities, according to the British regulator. The FCA said that Starling has already established programs to remediate the breaches it identified and to enhance its wider financial crime control framework.

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Persons: Starling, David Sproul Organizations: Starling, Authority, FCA, Starling Bank Locations: British