BME:SANBanks
Banco Santander Fine Puts Openbank Controls And Investor Risk Focus Front And Center
Banco Santander (BME:SAN) has been fined over €40 million by the Spanish anti money laundering authority.
The penalty relates to control shortcomings at its digital banking unit, Openbank.
The bank is challenging the review and has reiterated its commitment to compliance.
Banco Santander, one of Spain's largest banking groups, uses Openbank as its digital platform, which operates at the intersection of retail banking and online financial services. For investors, a fine of this size is...