Key Takeaways

• Starling Bank, backed by Goldman Sachs, has been hit with a £10 million fine from the UK's Financial Conduct Authority (FCA) for failing to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
• The fine is related to allegations that Starling Bank failed to properly verify the identity of its customers and to monitor its transactions for suspicious activity.
• The bank's failure to comply with AML and KYC regulations "led to significant losses" for the bank, although the exact nature of these losses is not clear.