Britain's Financial Conduct Authority on Friday disclosed a fine of almost £108 million against the U.K. branch of Banco Santander for anti-money laundering failures that allowed hundreds of millions of pounds in suspicious funds to flow through corporate accounts. In a 58-page enforcement notice, the FCA identified systemic failures in Santander's AML procedures and controls from December 2012 to October 2017 that "significantly impacted" its oversight of hundreds of thousands of small firms, including several high-risk money services businesses, or MSBs, that held accounts at the bank. The London-headquartered lender during that five-year period not only maintained ineffective systems to...
The Financial Conduct Authority imposed a fine on the London branch of the financial institution for anti-money laundering failures that occurred over a five-year period.
print