FCA has published a decision notice setting out its proposal to find Mohammad Prodhan, the former CEO of Sonali Bank (UK) Ltd £76,400 in relation to the bank’s AML systems and controls.
Mr Prodhan was responsible for the establishment and maintenance of effective AML systems and controls and FCA considered that between 2012 and 2014 he failed to take reasonable steps to assess and mitigate the AML risks arising from a non-compliant culture within the bank. FCA said Mr Prodhan did not ensure the bank gave sufficient focus to AMl systems and controls, did not ensure a clear allocation of responsibilities to oversee branches, and failed to properly oversee, manage and adequately resource the MLRO function. As a result, the bank’s operational staff did not appreciate the need for AML compliance and the MLRO was ineffective in monitoring compliance. This led to the systemic failings in the systems and controls that have already been the subject of FCA action against the bank and its former MLRO.
Mr Prodhan has referred the FCA decision notice to the Tribunal.