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Former CEO of Sonali Bank fined £76K for AML Failings

Former CEO of Sonali Bank fined for AML failings

5th December 2018

Yesterday the FCA published a Decision Notice in respect of Mohammad Ataur Rahman Prodhan, the former CEO of Sonali Bank (UK) Limited fining him £76,400.

The Decision Notice, reflect the regulator’s view of what occurred and outlines the reasons for their decision to fine Mr Prodhan £76,400 for acting without due skill, care and diligence and for being knowingly concerned in a breach by the Bank of its obligations to maintain effective systems against the threat of money laundering.

At the time of the failings, Mr Prodhan was the senior manager at the Bank with responsibility for the establishment and maintenance of effective AML systems and controls. As detailed by the FCA, between 7 June 2012 and 4 March 2014, Mr Prodhan failed to take reasonable steps to assess and mitigate the AML risks arising from a culture of non-compliance among the staff at the Bank. As such, the FCA considers that Mr Prodhan failed to ensure that sufficient focus was given to AML systems and controls within the Bank nor that there was a clear allocation of responsibilities to oversee the Bank’s branches, and that he failed to appropriately oversee, manage and adequately resource the Bank’s Money Laundering Reporting Officer (MLRO) function.

Because of these failings, the Bank’s operational staff failed to appreciate the need to comply with AML requirements and the MLRO function was ineffective in monitoring their compliance. This led to systemic failures in the Bank’s AML systems and controls throughout the business.

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