The Financial Conduct Authority (FCA) has fined Santander UK (Santander) £107,793,300 after finding it has insufficient controls and procedures to prevent money laundering in its business banking accounts.
Over a five year period – between 31 December 2012 and 18 October 2017 – the firm failed to properly oversee and manage its anti-money laundering (AML) systems, impacting the account oversight of more than 560,000 business customers.
The FCA found that San...
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