Nationwide Fined £44M for Financial Crime Failures
Update: 2025-12-12
Description
Nationwide Building Society fined £44 million for failing to prevent financial crime over five years. FCA found ineffective risk assessment and customer activity monitoring. A single customer received £26 million in fraudulent Covid furlough payments, undetected by Nationwides systems. Nationwide aware of customers using personal accounts for business activities, lacked clear risk understanding. FCA emphasized Nationwides delayed system fixes, leading to missed red flags and serious consequences. Nationwide apologized, invested in improving crime control framework since 2021.
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