Home Trading FCA fines Santander UK £107.7 million for recurrent anti-money laundering lapses

FCA fines Santander UK £107.7 million for recurrent anti-money laundering lapses

41
0



Mark Steward is the Executive Director of Enforcement and Market Oversight for the FCA.

Santander’s poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime.

As part of our ongoing commitment to prevent and reduce financial crimes, we will continue to take legal action against those firms that do not have proper anti-money laundering controls.

Santander was not properly managing several business banking accounts, as identified by the UK watchdog. In one case, a small translation business that expected monthly deposits of £5,000 was receiving millions of pounds within six months.

The bank’s AML team recommended closing the account on March 2014, however it took until September 2015 for the bank to take action. Santander also consented to law enforcement’s request in September 2015 to close the account, but it lost the regulatory request.

The FCA estimates that these failures led to over £298 million passing through the bank before it closed the accounts.

Earlier in 2019, the FCA Standard Chartered Bank fined £102.2 million for poor AML controls.

The post FCA fines Santander UK £107.7 million…



Continue reading…

Previous articleXAUUSD: Elliott wave analysis and forecast for 09.12.2022 – 17.12.2022
Next articleWeek Ahead – Blockbuster end to the year