Future Of British Business
Santander Hit by UK Fine for Lax Money-Laundering Controls
- UK unit gets £108 million penalty after repeated failures
- Bank CEO apologizes and cooperated with FCA investigation
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Santander UK Plc was fined £108 million ($132 million) by the UK financial watchdog over repeated anti-money laundering failures that included a series of missteps over its monitoring of hundreds of millions of pounds of suspicious funds.
The bank had “serious and persistent gaps” in its oversight of business customers over a five year-period through 2017 and failed to shut down an account channeling funds that was being monitored by law enforcement, the Financial Conduct Authority said in a statement on Friday.