Santander fined £108m for failing to battle cash laundering | Aici

The UK’s Monetary Conduct Authority on December 9 stated it had fined Banco Santander’s British arm £107.7m ($131.4m) for failing to fight cash laundering.

In accordance with the FCA, Santander didn’t correctly oversee and handle its AML methods between December 2012 and October 2017, affecting the supervision of greater than 560,000 enterprise buyer accounts.

“Santander’s mismanagement of its anti-money laundering packages and insufficient response efforts created a protracted and severe threat of cash laundering and monetary crime,” stated Mark Steward, senior director of authorized and market oversight on the FCA.

The financial institution has agreed to pay, which implies it is able to obtain a 30% low cost. With out the low cost, the nice would have been £153.99m, the FCA stated.

“Whereas we took motion to deal with our AML (anti-money laundering) points as soon as they have been recognized, we settle for that our AML framework on the time ought to have been stronger,” stated Santander UK chief government Mike Regnier. “We’ve since made important modifications to deal with this by overhauling our monetary crime expertise, methods and processes.”

Write to Giulia Petroni at

This text was revealed by The Wall Avenue Journal, a division of Dow Jones

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