Santander UK fined £107.8m by finance watchdog over money laundering failings

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Santander UK has been fined £107.8 million over “serious and persistent gaps” in its anti-money laundering controls, the financial watchdog has announced.

Santander UK has been fined £107.8 million over “serious and persistent gaps” in its anti-money laundering controls, the financial watchdog has announced.

It said the bank “failed to properly oversee and manage” these systems, which impacted its oversight of more than 560,000 business customers, between December 2012 and October 2017. This account was recommended for closure by the bank’s anti-money laundering team in March 2014 but it was not acted on until September 2015 due to “poor processes”, the FCA said.

 

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Belgique Dernières Nouvelles, Belgique Actualités