Santander received a fine of 132 million in UK
2022.12.09 05:01
Santander received a fine of 132 million in UK
Budrigannews.com – Santander was fined, according to the Financial Conduct Authority in Britain (BME:). 107.7 million pounds, or 132 million dollars, for “serious and persistent” deficiencies in the Spanish bank’s controls against money laundering for more than 560,000 business customers.
Between December 31, 2012 and October 18, 2017, Santander’s UK arm failed to properly oversee and manage its anti-money laundering systems, the FCA stated on Friday.
The fine is the most recent activity by England’s monetary guard dog, as it attempts to clip down on poor interior controls by banks that permit unlawful assets to move through them.
According to the FCA, Santander lacked effective systems for verifying customer information regarding the proposed business.
“In one instance, a new client opened an account as a small translation company, expecting to deposit 5,000 pounds per month. Mark Steward, the FCA’s executive director for enforcement, stated in a statement, “It was receiving millions in deposits within six months, and it was swiftly transferring the money to separate accounts.”
According to the FCA, despite the fact that the bank’s anti-money laundering team had flagged the account for closure in March 2014, inadequate procedures delayed action until September 2015.
Santander UK stated that it accepted the FCA’s civil regulatory findings regarding its business banking division’s anti-money laundering controls. According to the FCA, in exchange for the bank’s agreement to settle, the fine was reduced by 30%.
More China’s Li Auto expects to cover losses in Q4
According to the bank, the FCA investigation has come to an end, and neither the UK regulator nor any other authority is expected to take any further action regarding this matter.
In recent years, the FCA has increased its enforcement efforts against breaches of bank money laundering controls.
In the first criminal money laundering case brought against a British bank, NatWest was assessed a fine of 265 million pounds in December of last year for failing to stop the laundering of nearly 400 million pounds.
Standard Chartered has also been fined by the FCA (OTC:). and HSBC over the past three years for violations of anti-money laundering regulations.
