Tag: Santander

FCA Fined Santander £107 Million For Money Laundering Failures

FCA Ben - December 12, 2022

The Financial Conduct Authority (FCA) fined Santander £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. However, the millions owed for the lapse come at a discounted rate. Had Santander not agreed to resolve the matter, it would not have qualified for the 30% discount rate and be on the hook for nearly £154 million. According to the FCA, a volume of more than £298 million of red-flag transactions has been processed.

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