FCA fines Santander for AML failings

The FCA last week announced that it had fined Santander UK a total of £107.7million for repeat anti-money laundering failings. The regulator found that, between 2012 and 2017, the bank had persistent gaps in its AML oversight and controls of more than 560,000 business customers. Santander agreed and accepted the FCA’s findings and qualified for a 30% discount of the original fine, which would have stood at £154million.

Source: FCA