Tag: AML


Santander UK hit with £107.7m FCA fine for AML failures

December 9, 2022

Via: FinTech Futures

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 […]


DFSA fines Bank of Singapore $1.1m citing inadequate AML controls

November 11, 2022

Via: FinTech Futures

The DFSA claims it found deficiencies in the bank’s AML business risk assessments, client risk assessments, customer due diligence practices, suspicious activity reporting and identification of clients’ sources of funds. The regulatory authority says it also found that the bank […]


USAA to pay $140M in penalties over AML shortcomings

March 18, 2022

Via: Banking Dive

Thursday’s penalties break down to $80 million from FinCEN and $60 million from the OCC — each of which filed consent orders against USAA. The OCC ordered the bank to appoint a compliance committee within 15 days and to develop […]


Regulators’ “fast and furious” AML fines don’t tell the whole compliance story

September 9, 2020

Via: Banking Technology

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]