Santander fined £108m after AML checks fail for small business accounts

Santander UK has been fined nearly £108 million for anti-money laundering failings regarding its controls on 560,000 small business customers.

By Neasa MacErlean

Although these 'Business Banking' clients were expected to have a turnover of under £250,000, the system did not detect and stop suspicious transactions - such as the £269m going into a business that purported to offer translation services.