简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Financial Conduct Authority (FCA) of the United Kingdom fined Santander UK £107.79 million for frequent and significant failures in its anti-money laundering (AML) measures.
According to the FCA, inadequate AML procedures impacted the accounting supervision of over 560,000 corporate clients.
During its examination, the regulator discovered that between December 31, 2012, and October 18, 2017, the bank lacked adequate systems to fully check the data submitted by customers about the business they intended to undertake.
Furthermore, the Spanish bank's UK branch failed to keep track of the amount that consumers indicated they would deposit and the amount that was really placed.
“In one instance, a new client created an account as a small translations firm, with monthly installments of £5,000 anticipated.” “Within six months, it was collecting millions of dollars in deposits and quickly moving the funds to various accounts,” the regulator said.
The FCA discovered that Santander UK unlawfully maintained many other business accounts, as well as instances in which the bank failed to respond with red flags linked with suspicious conduct.
These errors resulted in over £298 million going through the bank, which did not contest the FCA's conclusions and agreed to settle the investigation.
“Santander's poor management of its anti-money laundering systems and their insufficient efforts to fix the deficiencies posed a lengthy and serious risk of money laundering and financial crime,” said FCA executive director of enforcement and market supervision Mark Steward.
“We are extremely sorry for the previous Anti-Money Laundering (AML) related controls problems in our Business Banking business between 2012-17 revealed in the FCA's conclusions,” Santander UK CEO Mike Regnier stated.
“While we took measures to remedy our AML vulnerabilities after they were detected, we acknowledge that our AML framework could have been better at the time.” We have subsequently overhauled our financial crime technology, systems, and procedures in order to address this.
NatWest was fined £264.7 million in December for failing to prevent about £365 million in money laundering.
Here is the news from FCA: https://www.fca.org.uk/news/press-releases/fca-fines-santander-uk-repeated-anti-money-laundering-failures
About SANTANDER
Santander is a UK-based financial services company and bank owned by the Santander Group, a Spanish multinational commercial bank.
Santander, which is regulated by the Financial Conduct Authority (FCA), has approximately 14 million active clients in the United Kingdom who utilize their current and savings accounts, insurance products, loans, and mortgages. It has around 452 branches spread throughout the nation.
You can find out more of SANTANDER news here: https://www.wikifx.com/en/dealer/6441639707.html
Stay tuned for more Forex Broker news.
Download the WikiFX App from the App Store or Google Play Store to stay updated on the latest news. Also available for Windows PC!
Download link: https://www.wikifx.com/en/download.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Market sentiment refers to the overall attitude of investors toward a particular security or financial market. It plays a crucial role in shaping market trends and influencing trading decisions. Understanding market sentiment can help traders anticipate price movements and make more informed choices.
Recently, a forex broker named MidasFX has come to our attention. This broker is registered in Saint Vincent and the Grenadines and started its business in 2020. In this article, we will dig into this broker deeply and provide some information about it if you are interested.
Malaysian authorities have arrested six individuals in connection with the "Kakaue" cryptocurrency investment scam, which defrauded victims of an estimated RM18 million. The suspects, aged between 19 and 41, were apprehended during a series of nationwide raids conducted by the Bukit Aman Commercial Crime Bureau between 7-11th October 2024.
Walder Wyss, the Swiss law firm overseeing the liquidation of bankrupt neobank FlowBank, has encouraged former clients to sell their securities held in accounts to expedite the refund process. Clients are able to log in to the FlowBank platform and complete the sale of their securities until 15th November 2024, after which the platform will no longer facilitate such transactions