UK operations of Bangladesh’s Sonali Bank fined £3.3m

MNA Business Desk: The UK operations of Bangladesh’s Sonali Bank, have been banned from accepting deposits from any new customers for 24 weeks, reported news agency BBC.

According to the BBC report, the Financial Conduct Authority (FCA) said the bank had failed to put anti-money laundering controls in place.

The report further said the bank has been fined £3.3m and its top anti-money laundering official, Steven Smith, has been banned from any similar job in banking.

Sonali Bank currently has three UK branches – in London, Birmingham and Bradford – which are aimed at serving the expatriate Bangladeshi community. It is 51per cent owned by the Bangladesh government.