The British branch of Spanish banking giant Santander has been fined 107.8 million pounds (125 million euros) in the UK for "
serious and persistent shortcomings in its anti-money laundering controls
", the financial regulator (FCA) announced on Friday.
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Santander's mismanagement of its anti-money laundering systems and inadequate attempts to resolve issues have created a prolonged and severe risk of money laundering and financial crime,
" said Mark Steward, an official FCA, in a statement.