The UK Monetary Conduct
Authority (FCA) has publicly censured Mohammad Prodhan, the previous Chief
Government Officer of Sonali Financial institution UK (SBUK), for failing to determine
and preserve efficient anti-money laundering (AML) techniques and controls on the financial institution.
Take Benefit of the Greatest Monetary Occasion in London. This 12 months we’ve expanded to new verticals in On-line Buying and selling, Fintech, Digital Belongings, Blockchain, and Funds.
The monetary markets regulator, which fined Prodhan £76,400 in
2018, is now opting to publicly reprimand the
ex-CEO because of “distinctive circumstances on this case.”
These conditions embody “Mr Prodhan returning to
Bangladesh and not having revenue or belongings within the UK; the very fact he’s no
longer in employment in Bangladesh; ongoing private situations which restrict his
potential to journey to the UK for the Higher Tribunal; and the size of time
since his misconduct which has been impacted by Covid-delays to the
litigation,” FCA defined in a press release launched on
Friday.
Moreover, the monetary watchdog famous
the Financial institution of England’s Prudential Regulation Authority has cancelled the financial institution’s
authorization. The establishment has additionally been renamed Sonali Bangladesh (UK) Restricted, it stated.
Hold Studying
SBUK was based in 2001 to serve the
Bangladeshi group in the UK. The financial institution is the product of a
partnership between the Bangladesh authorities and Sonali Financial institution, a state-owned
industrial financial institution in Bangladesh.
Prodhan’s Offence
In 2018, the FCA penalized Prodhan for
failing to take cost of his AML duties on the SBUK, resulting in “systemic
failures in SBUK’s AML techniques and controls all through the enterprise.” Nonetheless,
the CEO referred the case to the Higher Tribunal, a UK superior appellate courtroom,
the place the case was delayed.
“Whereas a monetary penalty was acceptable
on this case, extended litigation to implement a penalty that’s unlikely to be
paid in opposition to an individual who could not be capable of journey to the UK to clarify
himself in particular person to the Higher Tribunal is neither sensible nor honest,” famous Mark Steward, the Government Director of Enforcement and Market
Oversight on the FCA. “In these
distinctive circumstances, a public censure is an acceptable decision of the
case,” Steward added.
In the meantime, in 2016, Bangladesh appointed
Pradhan because the Managing Director of Rupali
Financial institution, a state-owned industrial financial institution. In 2019, the chief was chosen because the MD of Sonali Financial institution in Bangladesh.
Nonetheless, the FCA within the newest assertion stated Prodhan is not in employment in
Bangladesh.
The UK Monetary Conduct
Authority (FCA) has publicly censured Mohammad Prodhan, the previous Chief
Government Officer of Sonali Financial institution UK (SBUK), for failing to determine
and preserve efficient anti-money laundering (AML) techniques and controls on the financial institution.
The monetary markets regulator, which fined Prodhan £76,400 in
2018, is now opting to publicly reprimand the
ex-CEO because of “distinctive circumstances on this case.”
Take Benefit of the Greatest Monetary Occasion in London. This 12 months we’ve expanded to new verticals in On-line Buying and selling, Fintech, Digital Belongings, Blockchain, and Funds.
These conditions embody “Mr Prodhan returning to
Bangladesh and not having revenue or belongings within the UK; the very fact he’s no
longer in employment in Bangladesh; ongoing private situations which restrict his
potential to journey to the UK for the Higher Tribunal; and the size of time
since his misconduct which has been impacted by Covid-delays to the
litigation,” FCA defined in a press release launched on
Friday.
Moreover, the monetary watchdog famous
the Financial institution of England’s Prudential Regulation Authority has cancelled the financial institution’s
authorization. The establishment has additionally been renamed Sonali Bangladesh (UK) Restricted, it stated.
Hold Studying
SBUK was based in 2001 to serve the
Bangladeshi group in the UK. The financial institution is the product of a
partnership between the Bangladesh authorities and Sonali Financial institution, a state-owned
industrial financial institution in Bangladesh.
Prodhan’s Offence
In 2018, the FCA penalized Prodhan for
failing to take cost of his AML duties on the SBUK, resulting in “systemic
failures in SBUK’s AML techniques and controls all through the enterprise.” Nonetheless,
the CEO referred the case to the Higher Tribunal, a UK superior appellate courtroom,
the place the case was delayed.
“Whereas a monetary penalty was acceptable
on this case, extended litigation to implement a penalty that’s unlikely to be
paid in opposition to an individual who could not be capable of journey to the UK to clarify
himself in particular person to the Higher Tribunal is neither sensible nor honest,” famous Mark Steward, the Government Director of Enforcement and Market
Oversight on the FCA. “In these
distinctive circumstances, a public censure is an acceptable decision of the
case,” Steward added.
In the meantime, in 2016, Bangladesh appointed
Pradhan because the Managing Director of Rupali
Financial institution, a state-owned industrial financial institution. In 2019, the chief was chosen because the MD of Sonali Financial institution in Bangladesh.
Nonetheless, the FCA within the newest assertion stated Prodhan is not in employment in
Bangladesh.
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