UK regulator fines Santander £107m for repeated AML failures

Mark Battersby
clock • 3 min read

The UK's Financial Conduct Authority has fined Santander UK Plc (Santander) £107.7m after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its business banking customers.  In a statement on 9 December, the regulator said between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers. Santander had ineffective systems to adequately verify the information provided by customers about the business they would b...

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