Santander UK Fined GBP107.7 Million for Anti-Money-Laundering Failures
December 09 2022 - 3:09AM
Dow Jones News
By Giulia Petroni
The U.K.'s Financial Conduct Authority on Friday said that it
has fined Banco Santander SA's British arm 107.7 million British
pounds ($131.4 million) for anti-money-laundering failures.
According to the FCA, Santander UK PLC has failed to properly
oversee and manage its AML systems between December 2012 and
October 2017, which affected the account oversight of more than
560,000 business customers.
"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," said Mark Steward, executive Director of
enforcement and market oversight at the FCA.
The British bank has agreed to settle, which means it has
qualified for a 30% discount. Without the discount, the penalty
would have been GBP153.99 million, the FCA said.
"While we took action to address our AML [anti-money-laundering]
issues once they were identified, we accept that our AML framework
at the time should have been stronger," Santander UK Chief
Executive Mike Regnier said. "We have since made significant
changes to address this by overhauling our financial-crime
technology, systems and processes. "
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 09, 2022 02:54 ET (07:54 GMT)
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