British regulator fines Spanish bank Santander $132 million
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On Friday, December 9, the British Financial Conduct Authority (FCA) fined Spanish bank Santander for £107m ($132m) for “serious and persistent” shortcomings in the fight against potential money laundering. According to the regulator, between December 2012 and October 2017, the UK division of the bank did not have sufficiently effective mechanisms for screening customer funds for possible money laundering.
“The mismanagement of Santander’s anti-money laundering system and their lack of action to address this issue has created a long-term and serious risk of money laundering and financial crime,” said FCA Director of Enforcement Mark Steward.
In one case, a new client opened an account with Santander on behalf of a small money transfer firm with an expected monthly deposit of around £5,000 – resulting in millions of pounds being transferred to the account over the next few months, with the bank doing nothing to control the origin of the money. . The British division of Santander said it took note of the FCA recommendations and changed the verification procedure in accordance with them.
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