- 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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2023-02-13T19:21:00Z By Neil Hodge
Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
2022-12-29T14:51:00Z By Jake Plenderleith, International Compliance Association
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?
2022-06-23T14:27:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
2025-03-26T18:48:00Z By Oscar Gonzalez
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
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