The bank had 'serious and persistent gaps' in anti-money laundering controls, the watchdog finds.
Santander has been fined £107.8m over "serious and persistent gaps" in its anti-money laundering controls which opened the door to "financial crime".
Mark Steward, executive director of enforcement and market oversight at the Financial Conduct Authority , said: "Santander's poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime.
The FCA said that in one case, a new customer opened an account as a small translations business with expected monthly deposits of £5,000. Within six months it was receiving millions in deposits, and swiftly transferring the money to separate accounts. Santander chief executive Mike Regnier said: "We are very sorry for the historical anti-money laundering related controls issues in our Business Banking division between 2012-17 highlighted in the FCA's findings."
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