Santander UK Fined £107m by Financial Conduct Authority for AML Oversight

Coulda Caught That with Fraud.net!

Santander UK was recently fined £107.7m after the Financial Conduct Authority found issues in its anti-money laundering controls, leading to over £298 million being laundered through the bank between 2012 and 2017.The FCA found several Business Banking accounts flagged with suspicious activity that were never followed up on. They stated that Santander “had ineffective systems to… verify the information provided by customers” and “failed to properly monitor the money… going through their accounts compared with what was being deposited.” Santander has since started comprehensive restructuring to improve its AML systems. >> FCA News: Read moreThe ProblemThe Solution

£298 Million Laundered at UK Bank

The FCA has fined Santander UK Plc £107,793,300 after it found gaps in its anti-money laundering controls, affecting its business banking customers.

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