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U.K. financial regulators hit British digital lender Starling Bank with a £29 million ($38.5 million) fine over failings related to its financial crime prevention systems.

In a statement on Wednesday, London's Financial Conduct Authority said it had fined Starling "for financial crime failings related to its financial sanctions screening." Starling also repeatedly breached a requirement not to open accounts for high-risk customers, the FCA said.

"Starling's financial sanction screening controls were shockingly lax," It left the financial system wide open to criminals and those subject to sanctions. It compounded this by failing to properly comply with FCA requirements it had agreed to, which were put in place to lower the risk of Starling facilitating financial crime.'

In response to the FCA penalty, Starling said it was sorry for the failings outlined by the regulator and that it had completed detailed screening and an in-depth back book review of customer accounts.

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