Santander bank has been fined 40 million euros (approximately $47 million) by Spanish regulators due to previous shortcomings in its digital operations.
This penalty was imposed by Spain’s anti-money laundering authority, known as Sepblac. Bloomberg reported this on January 23, citing unnamed sources.
A Santander representative acknowledged the Sepblac review but did not comment on the specific fine amount.
The spokesperson noted that the regulatory concerns stemmed from issues “dating back several years,” and these problems “have now been fully resolved.”
They clarified that this matter is not connected to any money laundering case, but rather pertains to procedural interpretations related to dormant customer accounts.
Additionally, the spokesperson indicated that Open Bank contests the findings and “is committed to upholding the highest regulatory and compliance standards.”
According to PYMNTS, reported in October, OpenBank operates in six countries: Spain, Germany, Portugal, the Netherlands, Mexico, and the United States.
That same month, Santander revealed intentions to merge OpenBank with its consumer finance segment, aiming to unify its European consumer finance operations under the OpenBank name.
“This integration bolsters our presence in key markets like Germany and throughout Europe, enabling us to provide a wider range of products alongside a seamless digital and in-branch experience,” said Nitin Prabhu, senior executive vice president and global head of digital consumer banking at Banco Santander.
Open Bank is set to commence operations in the U.S. in October 2024, enhancing Santander’s consumer banking reach beyond the Northeast and allowing it to cater to customers nationwide.
Santander announced in February that OpenBank had achieved over $2 billion in deposits in the U.S. within four months of its launch and that, by May, the platform had attracted more than 100,000 customers in its initial six months.
