Santander British isles is fined £107.8M about ‘serious and persistent gaps’ in its anti-cash laundering controls, Financial Perform Authority announces
- The FCA reported Santander experienced ‘failed to adequately oversee and manage’ its devices
- This produced a ‘prolonged and significant danger of cash laundering’, regulator said
- Bank couldn’t properly verify customers’ claims about small business they ended up carrying out
The fiscal regulator has fined Santander £107.8 million about ‘serious and persistent gaps’ in its anti-funds laundering controls.
The Money Conduct Authority (FCA) claimed the bank ‘failed to correctly oversee and manage’ these devices, which impacted its oversight of additional than 560,000 business enterprise customers.
Santander had ‘ineffective’ methods to sufficiently verify the information and facts presented by prospects about the organization they have been executing, the FCA claimed.
Santander had ‘ineffective’ programs to sufficiently validate the facts offered by customers about the company they were being doing, the FCA said
Mark Steward, government director of enforcement and industry oversight at the FCA, said: ‘Santander’s bad management of their anti-money laundering devices and their inadequate attempts to tackle the challenges produced a extended and critical hazard of cash laundering and monetary criminal offense.
‘As portion of our determination to reduce and lessen monetary criminal offense, we carry on to choose motion against corporations which fall short to operate appropriate anti-money laundering controls.’
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