- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-12-09T20:39:00
The U.K. arm of Santander was fined approximately 107.8 million pounds (U.S. $132 million) by the country’s financial services regulator for “serious and persistent” gaps in its anti-money laundering (AML) controls.
Between December 2012 and October 2017, the accounts of more than 560,000 business customers were not checked properly due to repeated failings in Santander UK’s AML systems, the Financial Conduct Authority (FCA) said in a press release Friday.
Across six cases examined by the regulator, approximately £298 million (U.S. $366 million) of suspect funds were transferred in and out of business accounts before they were closed without triggering any warnings or requiring enhanced checks.
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Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
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