EY has agreed to part ways with Santander and refund millions of pounds to the bank after failings emerged within its anti-financial crime work for the bank’s UK arm.
Santander asked EY, among others — which is routine practice at the bank when it comes to financial crime support — to help its effort to tackle financial crime and anti-money laundering systems, the Financial Times reported, citing people familiar with the situation. Santander’s issues have led to regulatory oversight and financial penalties.