The regulator says between 31 December 2012 and 18 October 2017, Santander failed to adequately manage its AML systems, affecting more than 560,000 business accounts.
Santander has not disputed the FCA’s findings and agreed to settle, which means it has qualified for a 30% discount on the fine. Without the discount, the financial penalty would have been £153,990,400 rather than £107,793,300.
FCA executive director of enforcement and market oversight, Mark Steward, says: “Santander’s poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime.”
