Santander Fined More Than €40 Million Over Openbank Processes

Banco Santander SA has been hit with one of the biggest penalties by Spain’s anti-money laundering watchdog over past deficiencies in internal processes at its digital unit Openbank, people familiar with the matter said.

Spain’s biggest lender was fined more than €40 million ($47 million) by the agency known as Sepblac, the people said, asking not to be named discussing private information. The amount is calculated based on the size of Santander, not on the seriousness of the events, they added.

“The Sepblac review relates to issues in Openbank’s business in Spain dating back some years” which “have now been ...