Santander UK was recently fined £108 million by the UK Financial Conduct Authority (FCA) after an investigation revealed "serious and persistent gaps" in its money laundering controls. According to the FCA, the bank failed to oversee more than 560,000 business customers properly between December 2012 and October 2017.
The investigation found that more than £298 million had passed through business accounts that had received "red flags" over suspicious activity, upon which Santander failed to act. “Santander takes its responsibilities regarding financial crime extremely seriously,” CEO Mike Regnier said. “We are very sorry for the historical anti-money laundering-related controls issues in our business banking division between 2012 and 2017.” The bank says it now has more than 4,400 staff working on preventing financial crime.
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