July 3 2019
Norway’s Financial Supervisory Authority has ordered Spanish bank Santander (SAN.MC) to pay a fine of nine million crowns ($1 million) for violations of the country’s anti-money laundering laws, it said on Tuesday.
The fine was imposed in relation to violations found at Santander Consumer Bank in Norway, the regulator said in a letter dated June 28 and published on its website on Tuesday.
A failure in the bank’s electronic monitoring system meant that some 1.6 million transactions, affecting around 300,000 customers, were not controlled for money laundering between Oct. 30, 2014 and Dec. 6, 2018, the letter said.