£107m [x7] key failings @ Santander UK Plc [Dec 2022]
21/02/2023
The Financial Conduct Authority fined [Dec 2022] Santander UK Plc £107m.
The fine was for serious gaps in the bank's anti-money laundering controls.
Here are x7 key failings:
- Governance arrangements were insufficient to identify, assess, monitor, and manage ML/TF risks.
- The implementation of AML/CFT Policies and procedures was flawed.
- Operational silos compromised risk assessments and effectively distorted the Three Lines of Defence system.
- Onboarding deficiencies led to inaccurate risk assessments when identifying the customers' nature of business.
- The SAR Unit had no formal feedback process for actioning closure recommendations.
- Key individuals responsible for investigating internal reports did not understand the approach taken in the investigation and received no training
- Off boarding delays resulted in suspicious high-risk accounts remaining open.
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.