Dec 9, 2022

Santander UK fined £108m over money laundering failings

Santander has been fined £107.8m over "Serious and persistent gaps" in its anti-money laundering controls which opened the door to "Financial crime". Santander also failed to properly monitor the money customers had going through their accounts. The bank said it was "Very sorry" for the failings and had taken action. Santander chief executive Mike Regnier said: "We are very sorry for the historical anti-money laundering related controls issues in our Business Banking division between 2012-17 highlighted in the FCA's findings. "We have since made significant changes to address this by overhauling our financial crime technology, systems and processes, he said, adding that more than 4,400 Santander staff are now focused on preventing financial crime.

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