UK Financial Conduct Authority (FCA) Fines Nationwide Building Society $58.8 Million (£44 Million) for Failures in Due Diligence, Risk Assessments & Transactions Monitoring for Personal Current Account Customers Including 1) Customers Using Personal Accounts for Business Activities & 2) 1 Customer Receiving $36.5 Million (£27.3 Million) Fraudulent Covid Furlough Payments Over 13 Months
13th December | Hong Kong
The UK Financial Conduct Authority (FCA) has fined Nationwide Building Society $58.8 million (£44 million) for failures in due diligence, risk assessments & transactions monitoring for personal current account customers including 1) Customers using personal accounts for business activities & 2) 1 customer receiving $36.5 million (£27.3 million) fraudulent covid furlough payments over 13 months. Announcement (12/12/25): “During this period, Nationwide had ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers and for monitoring their transactions. Nationwide was also aware that some of those customers were using their personal accounts for business activity, in breach of its terms. Nationwide did not offer business current accounts at this point, so did not have the right processes in place to manage the financial crime risks from business activity. This meant Nationwide was unable to effectively identify, assess, monitor or manage the money laundering risks among its personal current account customers. It also meant Nationwide did not have an accurate picture of its customers who presented a higher risk of financial crime. In one serious case, Nationwide missed opportunities to identify a customer using personal current accounts to receive fraudulent Covid furlough payments. The customer received 24 payments totalling £27.3m over 13 months, with £26.01m of this deposited over 8 days. His Majesty’s Revenue & Customs (HMRC) recovered £26.5m, but approximately £800,000 remains unrecovered. Nationwide was aware of weaknesses in its systems and controls and undertook work to make improvements. However, it failed to adequately address those weaknesses in a timely manner. Nationwide subsequently commenced a large-scale financial crime transformation programme in July 2021.”
“ UK Financial Conduct Authority (FCA) Fines Nationwide Building Society $58.8 Million (£44 Million) for Failures in Due Diligence, Risk Assessments & Transactions Monitoring for Personal Current Account Customers Including 1) Customers Using Personal Accounts for Business Activities & 2) 1 Customer Receiving $36.5 Million (£27.3 Million) Fraudulent Covid Furlough Payments Over 13 Months “
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Notes:
- Read the Final Notice: Nationwide Building society (PDF).
- Nationwide would have been fined £62,969,297, but it agreed to resolve these matters and so qualified for a 30% discount under the FCA’s processes. The total fine is £44,078,500.
- The FCA continues to supervise firms to improve standards and ensure that they have the right systems and controls to manage financial crime risks. Since 2021, the FCA has imposed 13 fines – totalling £300,767,526 – on banks for anti-money laundering systems and controls failings.
- Fighting financial crime is a priority in the FCA’s 5-year strategy.
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.
UK Financial Conduct Authority (FCA) Fines Nationwide Building Society $58.8 Million (£44 Million) for Failures in Due Diligence, Risk Assessments & Transactions Monitoring for Personal Current Account Customers Including 1) Customers Using Personal Accounts for Business Activities & 2) 1 Customer Receiving $36.5 Million (£27.3 Million) Fraudulent Covid Furlough Payments Over 13 Months
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