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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Season 8, Episode 1: Santander, the Post Office and money laundering for Columbian cartels
Description: Anti-money laundering (AML) control failings at Santander Bank UK opened the door to a financial intermediary with links to Colombian drug cartels operating in Britain. Beltcastle, a payments service provider, is "Customer A" featured in the Financial Conduct Authority's (FCA) final notice in December 2022 to illustrate the failures behind Santander's £107 million fine.Beltcastle, which was authorised by the UK regulator for eight years, put about £1.3 billion in cash through the UK Post Office. The firm had accounts at Barclays, NatWest, and Ghana International Bank. The Post Office was used in the suspected laundering scheme, passing thousands of pounds re...