Santander UK is fined £107.8M by the Financial Conduct Authority over money laundering controls
Santander UK is fined £107.8M over ‘serious and persistent gaps’ in its anti-money laundering controls, Financial Conduct Authority announces
- The FCA said Santander had ‘failed to properly oversee and manage’ its systems
- This created a ‘prolonged and severe risk of money laundering’, regulator said
- Bank couldn’t properly verify customers’ claims about business they were doing
The financial regulator has fined Santander £107.8 million over ‘serious and persistent gaps’ in its anti-money laundering controls.
The Financial Conduct Authority (FCA) said the bank ‘failed to properly oversee and manage’ these systems, which impacted its oversight of more than 560,000 business customers.
Santander had ‘ineffective’ systems to adequately verify the information provided by customers about the business they were doing, the FCA said.
Santander had ‘ineffective’ systems to adequately verify the information provided by customers about the business they were doing, the FCA said
Mark Steward, executive director of enforcement and market oversight at the FCA, said: ‘Santander’s poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime.
‘As part of our commitment to prevent and reduce financial crime, we continue to take action against firms which fail to operate proper anti-money laundering controls.’