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PNC Mortgage, the bank which is best known for its mortgages, has been targeted by a new anti-loan campaign from anti-fraud watchdog, the Competition and Markets Authority (CMA).
PNC Mortgage is one of the major lenders which has been hit by the recent crackdown by the CMA on anti-money laundering practices.
It was one of four banks that were fined £7.7m in May for being part of the Money Laundering Reporting Initiative (MLI), an initiative which was launched by the UK Government and the European Union to combat money laundering, fraud and cybercrime.
On Thursday, CMA director Joanna Miller said that PNC had been targeted because of the bank’s “extensive” anti-banking activities and “failure to comply with the new lending rules”.
“The CMA has concluded that Pnc is not compliant with the anti-Money Laundering and Anti-Cybercrime Enforcement Regulations (MLIAER) and has determined that Pnl mortgage loan applicants should not be allowed to apply for a mortgage on behalf of customers,” Ms Miller said.
“In its response to the CMD, Pnc admitted that the CMLI regulations have been used to target Pnl and other lenders in an attempt to shut down its businesses and hinder the ability of customers to get loans,” she said.
“This is a further step towards ensuring that any lending done by Pnl is not done in breach of the regulations and should be subject to an independent investigation and penalty.”
‘A slap in the face’ “It’s a slap in our face,” one customer told Business Insider.
Another said: “This is the saddest day of my life.”
“PNC has a long history of misusing the MLIAER and other anti-laundering laws and has a lot of bad press about it,” Ms MacKay said.
“It’s an industry that should be very careful about the way it operates.”
It is not the first time that PNL has been accused of flouting anti-bank regulations.
In 2016, the lender was fined $2.8m by the regulator for its failure to properly monitor mortgage loans made to people on welfare.
The CBA found that PNCL was also in breach on another front when it said that its lending practices did not comply with rules relating to the use of customer information.
Pnc Mortgage has denied any wrongdoing, and said that it has complied with the rules.
It has also been hit with a lawsuit in the US alleging that it breached anti-corporate anti-trust laws.
According to the company, it is committed to ensuring that it is a fair and honest lender.
This article first appeared on Business Insider UK.