Asset servicing bank CACEIS UK has been censured by the Financial Conduct Authority and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime.
The payment will be spread among WealthTek clients who have not been able to reclaim their money in full yet. So far, the FCA has recovered over £57m in total for WealthTek clients that suffered and action has been taken against CACEIS, Sapia Partners and Barclays Bank UK. Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Strong financial crime controls keep clients' assets safe. CACEIS UK's failures exposed clients to serious risk. "The firm chose to do the right thing with extensive co-operation and agreeing to a substantial volunt...
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