Kacper Pempel (Reuters / Scanpix) swam.
The United Kingdom (UK) on Friday pledged nearly 108 million to the UK branch of Spanish banking giant Santander. Pounds (€125.5 million) fine due to the determination of serious and permanent deficiencies in anti-money laundering controls.
The UK’s Financial Conduct Authority (FCA) said in a statement that Santander UK failed to properly access and operate its money laundering prevention scheme from December 2012 to October 2017.
These issues affected more than 560,000 commercial customers.
Santander’s service did not deny the conclusion, so the amount of the fine was reduced by 30%, because otherwise the fine would have reached almost 154 million. GBP.
Mismanagement of Santander’s money laundering prevention system and the bank’s inadequate attempts to address these issues have led to a long-standing high risk of money laundering and financial crime, noted Mark Steward, director of enforcement and banking. access to the FCA market.
We are committed to cracking down on financial crimes and changing their numbers, so we will continue to take action against companies that fail to carry out adequate anti-money laundering controls.
Santander UK accepted the FCA’s findings and apologised, adding that it had fully cooperated with the authority.
Santander UK takes its responsibilities to prevent financial crime very seriously, Santander UK CEO Mike Regnier said in a separate statement.
We deeply regret the control issues related to the prevention of money laundering in the banking department of our business.
He stressed that Santander UK would take steps to address these issues once they were identified but added that the bank’s systems needed to be better.
Since then, we’ve implemented major changes to address these issues and, among other things, are overhauling our financial crime prevention technologies, systems and processes.
The Financial Crime Prevention Unit now has more than 4,400 employees.
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