U.K. officials fined a Bangladesh bank's London subsidiary £3.3 million for failing to address several "serious and systemic" compliance problems and barred its former anti-money laundering officer from overseeing customer due-diligence efforts. In separate notices, the Financial Conduct Authority said that Sonali Bank UK (SBUK) and Steven Smith, who served as its compliance officer and money-laundering reporting officer (MLRO), ignored repeated warnings from regulators and internal auditors that its transaction screening and suspicious activity reporting systems were deficient. "At the top of the business, despite warnings from board members and from the internal auditors, the board and senior management failed...
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