Santander fined £107.8m by the FCA
09 December 2022
“It is hard to believe a financial institution of Santander’s stature would not have the proper processes in place. While it is positive to see that changes have been made since their 2012-17 failings, Santander must look at preventative methods for the future. Digital solutions like SmartSearch provide ongoing daily monitoring of clients, with regular ‘anniversary checks’, and continuous updates from all the relevant watchlists.
“Banks and other financial institutions need to be absolutely sure they have the right systems in place to detect suspicious activity, and the resource to follow that up. By adopting a high-quality digital AML and KYC solution, 95% of cases can be taken care of automatically, leaving resource free to deal with the 5% of cases where high-risk activity is concentrated.”
