Santander agrees in the United Kingdom a fine of 125 million euros for deficient control in the prevention of money laundering

Santander

has agreed a fine of 108 million pounds -which is equivalent to 125 million euros- with the British supervisor for deficient controls on money laundering, according to EFE.

Santander UK has collaborated with the

in a civil and regulatory investigation into AML, focused on the identification, valuation and management of riskier autonomous clients, among which are included the so-called 'Money Service Businesses' (MSBs).

Specifically, the FCA has imposed an economic fine of 107.79 million pounds, an amount that is calculated by the income obtained by the self-employed business during the aforementioned period and includes a 30% discount due to the agreement reached with the regulator. , as reported by the bank.

Self -

accounted for 4% of Santander UK's total customer base in 2017. The investigation has been concluded with this settlement and no further action is expected in relation to this matter by the FCA or other authorities.

This is an issue identified by Santander UK internal audit at the end of 2012. In 2013, an independent report on controls and processes was commissioned, and a very comprehensive improvement plan for the following years was quickly put in place, which was constantly updated.

According to the criteria of The Trust Project

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• Santander Bank

• United Kingdom