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Santander office building in London.
Luke McGregor | Bloomberg via Getty Images
Britain’s Financial Conduct Authority said on Friday it had imposed the fines Santander £107.7 million ($132 million) for “serious and persistent” gaps in the Spanish bank’s anti-money laundering controls for more than 560,000 business customers.
The FCA said that between 31 December 2012 and 18 October 2017, Santander’s UK arm failed to properly monitor and operate its anti-money laundering systems.
The FCA said Santander had ineffective systems to adequately verify the information provided by customers about the business they would conduct.
“In one case, a new customer opened an account as a small translation business with expected monthly deposits of £5,000. Within six months he was receiving millions in deposits, and was quickly transferring money to separate accounts,” Mark Steward, FCA executive director for enforcement, said in a statement. said.
Santander UK said it accepted the FCA’s civil regulatory findings in relation to anti-money laundering controls in its business banking division.
The FCA investigation has now concluded and no further action is expected in the matter by the UK watchdog or any other authority, the bank said.
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