Finance
Santander Says Internal Review Finds No Breach of US Sanctions
- Lender says confident it complied with sanctions regimes
- Memo notes amounts transacted in the account were negligible
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Banco Santander SA said an internal review of accounts that were reported to be secretly held by an Iranian petrochemicals company did not find any breach of US sanctions.
Santander said it reached out to authorities in both the UK and the US about the issue, according to a memo to staff seen by Bloomberg News. The review came after a report in the Financial Times that said Iran evaded sanctions and covertly moved money around the world using the accounts at both Santander UK and Lloyds Banking Group Plc.