Santander fined £107m for repeated anti-money laundering failures

The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. 

There are extensive learnings for firm’s across all sectors and for all customer types - so this one is a must read AND action for all firms.

Santander knew there were significant issues in the effectiveness of their control framework and started remediation in 2013. Although some improvements were made they did not address the underlying weaknesses. In 2017, more significant (and presumably costly) remedial activity was initiated.

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