REG - Santander UK Plc Santander UKGrp Hdgs - FCA settlement on historical AML controls

Banco Santander SAAnnouncement

09/12/2022 08:15

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RNS Number : 1240J  Santander UK Plc  09 December 2022

09 December 2022

 

Santander UK plc

 

SANTANDER UK REACHES FCA SETTLEMENT ON HISTORICAL BUSINESS BANKING AML
CONTROLS

 

Santander UK plc ('Santander UK' or the 'Bank') has today accepted the FCA's
civil regulatory findings in relation to anti-money laundering (AML) controls
in its Business Banking division in the period 31 December 2012 to 18 October
2017.

 

The Bank has co-operated fully with the FCA investigation and has agreed a
financial penalty of £107,793,300.  This is primarily based on a proportion
of the revenues of Santander UK's Business Banking division over the relevant
period and incorporates a 30% discount for early settlement. Business Banking
customers formed 4% of Santander UK's customer base in 2017.

 

The FCA's investigation focused on the identification, assessment and
management of higher risk customers, within our Business Banking division,
including Money Services Businesses.  It has now concluded, and no further
action is anticipated by the FCA or any other authority in respect of this
matter.

 

Chief Executive Officer, Mike Regnier, commented: "Santander takes its
responsibilities regarding financial crime extremely seriously. We are very
sorry for the historical Anti-Money Laundering (AML) related controls issues
in our Business Banking division between 2012-17 highlighted in the FCA's
findings.

 

"While we took action to address our AML issues once they were identified, we
accept that our AML framework at the time should have been stronger.  We have
since made significant changes to address this by overhauling our financial
crime technology, systems and processes.  Today over 4,400 staff are focused
on preventing financial crime and we continue to invest to meet our
responsibilities and keep our customers and communities safe."

The Santander Group, including Santander UK, is fully committed to the fight
against financial crime and will continue to meet all applicable financial
crime regulations and legislation internationally and ensure effectiveness in
our control environment.

 

-Ends-

 

Notes to Editors

1.   Details of Santander UK's response to the settlement can be viewed here
(https://www.santandersustainability.co.uk/sites/default/files/2022-12/FCA-statement-December-2022.pdf)

2.   Details of our approach to tackling financial crime can be found here
(https://www.santandersustainability.co.uk/Being-responsible-in-everything-we-do)
.

 

Santander UK is a financial services provider in the UK that offers a wide
range of personal and commercial financial products and services. At 30 June
2022, the Bank had around 18,000 employees and serves around 14 million active
customers, via a nationwide branch network, telephone, mobile and online
banking. Santander UK is subject to the full supervision of the FCA and the
PRA in the UK. Santander UK plc customers' eligible deposits are protected by
the FSCS in the UK.

 

Media Enquiries: E: mediarelations@santander.co.uk
(mailto:mediarelations@santander.co.uk) .

 

The Santander press office operates from 8.00am to 6.00pm. Outside of these
hours please call 0800 5877708.

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