LONDON (S&P Global Ratings) Dec. 9, 2022--S&P Global Ratings said today that the civil settlement Santander UK PLC (A/Stable/A-1) has agreed with the U.K. Financial Conduct Authority (FCA) shows, once again, how seriously U.K. authorities take controls to limit financial crime, and the high costs of noncompliance. In light of serious and persistent gaps in the bank's anti-money laundering (AML) controls between 2012-2017, Santander UK has agreed to pay a £107.8 million civil settlement. The FCA identified serious weaknesses in the bank's onboarding of business customers and the associated governance processes. It found that Santander UK's systems to verify customer information regarding the scope of their businesses were ineffective and that it failed to monitor deposit volumes against the amounts
