Santander UK, the British arm of the Spanish banking company Santander, has been fined by the Financial Conduct Authority (FCA), after the regulator found business banking customers were affected by failures in anti-money laundering measures.
The FCA said the bank "failed to properly oversee and manage" these systems, which led to the oversight of more than 560,000 business customers being affected.
The bank has been fined £107.8 million ($132 million) for what the FCA called "serious and persistent gaps" in its anti-money laundering controls.
The measures Santander had in place that verify the information provided by customers about the business they were doing was ineffective, the FCA said.
The systems failures led to more than £298 million passing through the bank before it closed accounts.
"Santander's poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime," said Mark Steward, executive director of enforcement and market oversight at the FCA.
"As part of our commitment to prevent and reduce financial crime, we continue to take action against firms which fail to operate proper anti-money laundering controls," he added.
Santander UK chief executive Mike Regnier said: "We are very sorry for the historical anti-money laundering (AML) related controls issues in our business banking division between 2012 and 2017 highlighted in the FCA's findings.
"While we took action to address our AML issues once they were identified, we accept that our AML framework at the time should have been stronger," he added.
Super Bowl LIII schedule
What Super Bowl LIII
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Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
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