News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Santander hit with £108m fine for anti-money laundering failures

The bank has agreed to settle, which means it has qualified for a 30% discount

The UK's Financial Conduct Authority on 9 December said that it has fined Banco Santander's British arm £107.7m ($131.4m) for anti-money-laundering failures.

According to the FCA, Santander has failed to properly oversee and manage its AML systems between December 2012 and October 2017, which affected the accounts oversight of more than 560,000 business customers.

WSJ Logo