Home NEWS Santander UK fined £107.8m by the Financial Conduct Authority

Santander UK fined £107.8m by the Financial Conduct Authority

Santander fined by the FCA. Image: Twitter

Santander UK has been fined £107.8m (€125.44) after the financial watchdog found “serious and persistent gaps” in its anti-money laundering controls

The Financial Conduct Authority (FCA) said business banking customers had been affected by anti-money laundering failures. The FCA said the bank “failed to properly oversee and manage” these systems, which impacted its oversight of more than 560,000 business customers.

Santander had “ineffective” systems to adequately verify the information provided by customers about the business they were doing, the FCA said.

According to the FCA, before the bank shuttered accounts as a result of the problems, more than £298 million had already passed through it.

“Santander’s poor management of their anti-money laundering systems and their inadequate attempts to fix the deficiencies posed a lengthy and serious risk of money laundering and financial crime,” said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

Santander chief executive officer Mike Regnier said: “Santander takes its responsibilities regarding financial crime extremely seriously.

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