The bank's failure to fully screen customers against the complete list of financial sanctions and its breach of FCA requirements by opening accounts for high-risk individuals reflect serious lapses in ethical business practices and regulatory compliance. Such negligence undermines public trust and can indirectly contribute to financial systems that may be exploited in broader authoritarian agendas.

Growing pains: Starling Bank’s £29m penalty for sanctions chaos

Starling Bank's failure to upgrade and properly manage its financial crime controls—evidenced by the opening of over 54,000 high-risk accounts despite regulatory restrictions—demonstrates a disregard for ethical business practices. This negligence not only compromises public financial safety but also undermines the standards required to prevent criminal misuse of financial systems, which can indirectly benefit authoritarian financial networks.

FCA fines Starling Bank £29m for failings in their financial crime systems and controls

Starling Bank’s inadequate financial crime controls, as evidenced by opening tens of thousands of accounts for high-risk customers and failing to fully comply with FCA requirements, reflect poor business practices and ethical responsibility. Such lax measures not only expose the bank to financial crime risks but also undermine regulatory safeguards designed to protect public financial integrity.

Starling Bank fined £29m for 'shockingly lax' financial crime controls

The fine imposed by the FCA exposes significant lapses in Starling Bank's financial crime controls and internal risk management. These 'shockingly lax' measures not only violate regulatory requirements but also risk enabling criminal activities, thereby undermining efforts to safeguard the financial system against exploitation by potentially authoritarian actors. This failure in business practices warrants a negative rating from an ethical responsibility perspective.

Goldman-backed Starling Bank fined $38.5 million for ‘shockingly lax' financial crime controls

By publishing a modern slavery statement summary for 2023, Starling Bank demonstrates an effort to address modern slavery risks in its supply chains. This proactive disclosure aligns with anti-authoritarian and progressive business practices, helping to safeguard labor rights and promote transparency in supply chain ethics.

STARLING BANK LIMITED modern slavery statement summary (2023)

Starling Bank's publication of the 2022 modern slavery statement indicates adherence to legal requirements concerning labor rights and human rights practices. Although the action is mandated by law rather than voluntarily exceeding expectations, it reflects a commitment to transparency in labor relations.

STARLING BANK LIMITED modern slavery statement summary (2022)