Santander Bank has lost its request to hush up its €1 million fine.
The eurozone’s biggest bank was handed the fine last June for breaching a “law for the prevention of money laundering and financing of terrorism”.
Although the fine was small peanuts in today’s world, Santander was anxious to keep it hidden from the public and sought to delay it being published in Spain’s official journal. Such sanctions are usually published in the bulletin.
But the Spanish Supreme Court ruled that, on the grounds of banking transparency, it was in the public interest. No details of the offence were given, but the court said the fine was linked to a “very serious offence”.
Santander had argued that news of the fine would damage irreparably its image and that there was no need to publish it immediately, particularly as it is appealing against the fine and the process should be concluded before the fine was revealed publicly.
Santander gave no immediate comment.
Comments
But it at first seems odd why this paltry amount was being hidden when a google UK search turns up more expensive fining of the bank in the UK.
The UK Financial Conduct Authority has fined Santander millions just this year alone. 12.5 million sterling in March for giving bad advice. With 45 million sterling set aside as compensation.
But then you read that this Santander fine was for 'money laundering and financing terrorism' - so far more dishonourable in northern EU eyes. But being Spain, a Spanish court judging a Spanish bank ... the fine kept as low as possible. Southern EU honour and face saving in action !
http://www.expatica.com/es/news/country-news/Santander-tried-to-delay-news-of-serious-fine-court_510297.html