Mark Steward, Govt Director of Enforcement and Marketplace Oversight on the FCA, stated:
Santander’s deficient control in their anti-money laundering techniques and their insufficient makes an attempt to handle the issues created a chronic and serious possibility of cash laundering and monetary crime.
As a part of our dedication to stop and cut back monetary crime, we proceed to do so towards corporations which fail to function correct anti-money laundering controls.
The United Kingdom watchdog known a number of trade banking accounts that have been no longer controlled as it should be by means of Santander. In a single case, a small translation trade that anticipated per thirty days deposits of £5,000 used to be receiving hundreds of thousands of kilos inside six months.
The financial institution’s AML workforce beneficial remaining the account on March 2014, on the other hand it took till September 2015 for the financial institution to do so. Santander additionally agreed to a request from legislation enforcement in September 2015 to stay the account open however misplaced monitor of the regulatory request.
The FCA estimates that those disasters ended in over £298 million passing during the financial institution sooner than it closed the accounts.
Previous in 2019, the FCA Usual Chartered Financial institution fined £102.2 million for deficient AML controls.
The put up FCA fines Santander UK £107.7 million…