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Santander Fined Over €40 Million After AML Failures Uncovered at Digital Unit Openbank
Banco Santander SA has been ordered to pay a penalty exceeding €40 million following an extensive supervisory review of the anti-money laundering arrangements at its digital subsidiary, Openbank. Spain’s anti-money laundering authority, Sepblac, concluded that there were material weaknesses in the internal procedures and control systems governing Openbank’s operations in Spain. The sanction, one of the largest ever issued by the watchdog, reflects heightened regulatory pressu
Jan 285 min read
Santander Hit With Major French Penalty as Fourteen-Year Money Laundering Probe Concludes
Spanish banking heavyweight Santander has agreed to pay a hefty €22.5 million fine in France, drawing to a close a protracted money laundering investigation centered on its French subsidiary, BPI Paris. The settlement was reached through a judicial public interest agreement, or Convention Judiciaire d’Intérêt Public (CJIP), a mechanism that enables corporations suspected of financial crimes to resolve proceedings by paying a substantial monetary penalty. This brings an end to
Dec 10, 20253 min read
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