A Santander office complex in London.
Luke MacGregor|Bloomberg by means of Getty Images
Britain’s Financial Conduct Authority stated on Friday it had actually fined Santander ₤1077 million ($132 million) for “serious and persistent” spaces in the Spanish bank’s anti-money laundering controls for more than 560,000 service clients.
The FCA stated that in between 31 December 2012 and 18 October 2017, Santander’s U.K. arm stopped working to correctly supervise and handle its anti-money laundering systems.
Santander had inefficient systems to sufficiently confirm the details supplied by clients about business they would be doing, the FCA stated.
“In one case, a new customer opened an account as a small translations business with expected monthly deposits of 5,000 pounds. Within six months it was receiving millions in deposits, and swiftly transferring the money to separate accounts,” Mark Steward, FCA executive director for enforcement, stated in a declaration.
Santander U.K. stated it accepted the FCA’s civil regulative findings in relation to anti-money laundering controls in its service banking department.
The FCA examination has actually now concluded and no additional action is prepared for by the U.K. guard dog or any other authority in regard of this matter, the bank stated.
