Market Chatter: Banco Santander Fined $47 Million Over Compliance at Openbank Unit

MT Newswires Live

Jan 24

Banco Santander (SAN) was fined more than 40 million euros ($47 million) by Spain's anti-money laundering watchdog for deficiencies in internal processes at its Openbank unit, Bloomberg reported Friday, citing people familiar with the matter.

The regulatory review "relates to issues in Openbank's business in Spain dating back some years" that "have now been fully addressed," a Santander spokesperson said, according to Bloomberg. "It is unrelated to any money laundering case and concerns interpretive matters regarding procedural and control rules, in particular regarding inactive customer accounts that were either blocked or not operational."

"Openbank has challenged the review and remains fully committed to the highest regulatory and compliance standards," the spokesperson said, according to Bloomberg.

Santander and the regulator, known as Sepblac, did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 12.31, Change: -0.13, Percent Change: -1.01

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