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The UK Financial Conduct Authority (FCA) has accused Mohammad Prodhan, former CEO of Sonali Bank UK (SBUK), of failing to establish and maintain effective anti-money laundering (AML) systems and controls at banks. publicly denounced as
Financial market regulators, which fined Prodan 76,400 in 2018, have now opted to disapprove the former CEO as a result of “the exceptional circumstances in this case”.
These circumstances include: “Mr. Prodhan has returned to Bangladesh and no longer has income or assets in the UK; he is not employed in Bangladesh; limiting his ability to travel to the UK for higher courts; Due to his ongoing personal situation and his misconduct affected by the coronavirus, the lawsuit has been delayed,” the FCA said in a statement. release On Friday.
In addition, the financial watchdog noted that the Bank of England’s prudential regulator had revoked the bank’s approval. The agency also said it has been renamed to Sonali Bangladesh (UK) Limited.
SBUK was established in 2001 to serve the Bangladeshi community in the UK. The bank is the product of a partnership between the Government of Bangladesh and Sonali Bank, Bangladesh’s state-owned commercial bank.
In 2018, the FCA was penalized for Prodhan’s failure to take charge of AML operations at SBUK, leading to “systemic failures in managing SBUK’s AML systems and business overall.” However, the CEO referred the case to the United Kingdom’s Higher Court of Appeal, the Upper Tribunal, where the case was stayed.
“In this case the financial penalties were appropriate, but the long term to enforce penalties unlikely to be paid to those who may not be able to travel to the UK to present themselves to the Superior Court. The litigation over the years is neither practical nor fair,” said Mark Steward, FCA’s executive director of enforcement and market surveillance.
Meanwhile, in 2016, Bangladesh appointed Pradhan as managing director of state-owned commercial bank Rupali Bank. In 2019, he was also selected as MD of Sonali Bank, Bangladesh. However, the FCA said in its latest statement that Prodhan was no longer employed in Bangladesh.
The UK Financial Conduct Authority (FCA) has accused Mohammad Prodhan, former CEO of Sonali Bank UK (SBUK), of failing to establish and maintain effective anti-money laundering (AML) systems and controls at banks. publicly denounced as
Financial market regulators, which fined Prodan 76,400 in 2018, have now opted to disapprove the former CEO as a result of “the exceptional circumstances in this case”.
These circumstances include: “Mr. Prodhan has returned to Bangladesh and no longer has income or assets in the UK; he is not employed in Bangladesh; limiting his ability to travel to the UK for higher courts; Due to his ongoing personal situation and his misconduct affected by the coronavirus, the lawsuit has been delayed,” the FCA said in a statement. release On Friday.
In addition, the financial watchdog noted that the Bank of England’s prudential regulator had revoked the bank’s approval. The agency also said it has been renamed to Sonali Bangladesh (UK) Limited.
SBUK was established in 2001 to serve the Bangladeshi community in the UK. The bank is the product of a partnership between the Government of Bangladesh and Sonali Bank, Bangladesh’s state-owned commercial bank.
In 2018, the FCA was penalized for Prodhan’s failure to take charge of AML operations at SBUK, leading to “systemic failures in managing SBUK’s AML systems and business overall.” However, the CEO referred the case to the United Kingdom’s Higher Court of Appeal, the Upper Tribunal, where the case was stayed.
“In this case the financial penalties were appropriate, but the long term to enforce penalties unlikely to be paid to those who may not be able to travel to the UK to present themselves to the Superior Court. The litigation over the years is neither practical nor fair,” said Mark Steward, FCA’s executive director of enforcement and market surveillance.
Meanwhile, in 2016, Bangladesh appointed Pradhan as managing director of state-owned commercial bank Rupali Bank. In 2019, he was also selected as MD of Sonali Bank, Bangladesh. However, the FCA said in its latest statement that Prodhan was no longer employed in Bangladesh.
