Spanish Regulator Imposes $47 Million Fine on Santander

Regulatory Issues - Banco Santander was fined 40 million euros ($47 million) by Spain's anti-money laundering watchdog, Sepblac, due to past deficiencies in internal processes at its digital unit, Openbank [1][2] - The issues leading to the fine were described as "dating back some years" and have been fully addressed, according to a Santander spokesperson [3] Openbank Operations - Openbank operates in six countries: Spain, Germany, Portugal, the Netherlands, Mexico, and the United States [4] - In October, Santander announced the merger of Openbank with its consumer finance business, planning to operate its European consumer finance businesses under the Openbank brand [5] Market Expansion - Openbank launched in the United States in October 2024, marking a significant expansion of Santander's U.S. consumer banking operations [7] - Openbank surpassed $2 billion in deposits in the U.S. four months after its launch and gained over 100,000 customers in the first six months [8]