Friday, October 30, 2020

Norway FSA fines Santander bank $1 million dollars for anti-money laundering breach

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Norway’s Financial Supervisory Authority has ordered Spanish bank Santander to pay a fine of nine million crowns ($1 million) for violations of the country’s anti-money laundering laws, it said on Tuesday.

The fine was imposed in relation to violations found at Santander Consumer Bank in Norway, the regulator said in a letter dated June 28 and published on its website on Tuesday.

A failure in the bank’s electronic monitoring system meant that some 1.6 million transactions, affecting around 300,000 customers, were not controlled for money laundering between Oct. 30, 2014 and Dec. 6, 2018, the letter said.

Santander said it noted the FSA’s decision and would decide on future steps in due course.

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“Santander Consumer Bank has fully cooperated with and kept the FSA fully continuously informed,” a company spokeswoman said in an emailed statement.

“The IT error was connected to the integration of old and new IT systems. Santander Consumer Bank has made several improvements to our IT systems and routines.”

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