Santander has been hit with a huge fine over "serious and persistent gaps" in its anti-money laundering controls,
The Financial Conduct Authority (FCA) said the bank "failed to properly oversee and manage" these systems, which impacted its oversight of more than 560,000 business customers. The financial watchdog has fined the major bank £107.8 million.
The FCA said Santander had "ineffective" systems to adequately verify the information provided by customers about the business they were doing. The failures led to more than £298 million passing through the bank before it closed accounts.
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Mark Steward, executive director of enforcement and market oversight at the FCA, said: "Santander's poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime.
"As part of our commitment to prevent and reduce financial crime, we continue to take action against firms which fail to operate proper anti-money laundering controls."
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