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Santander gets a fine from Norway’s AML watchdog

Santander bank has been ordered to pay about 1 million USD for violations of the Norway anti-money laundering’s framework.

The Financial Supervisory Authority in Norway noted that a technical failure on the electronic monitoring system led to 300000 clients (about 1,6 million transactions ) were not adequately screened.

As part of an action plan to review the transaction the back ran a back-check of the transactions and note that nothing was worth to be reported.

Source

ttps://www.reuters.com/article/us-norway-moneylaunderingsanctions/norway-fsa-fines-santander-bank-1-million-for-anti-money-laundering-breach-idUSKCN1TX29B

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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