Santander falls on the stock market by nearly 6% after the accusation of collaborating with Iran | Financial markets

2024-02-05 09:49:39

Banco Santander shares today lead the falls of the Ibex 35 with a drop of almost 6%. The cause? The opening news from the prestigious Financial Times newspaper, in which the Spanish entity is accused of having provided a bank account that was used by the Iranian regime to bypass international sanctions. The British bank Lloyds is also pointed out.

The selective Ibex 35 falls slightly early in the morning, mainly dragged down by the collapse of Banco Santander. Most values ​​are positive.

According to the FT, Iran would have used Santander UK and Lloyds accounts to move funds, bypassing the veto against the Tehran regime for its nuclear development programs. Apparently, a British client of Santander, the company Pisco UK, would have received money from abroad (mainly China). The problem is that this company would be owned by an Iranian state company (Petrochemical Commercial Company), thanks to the use of front men.

Front page of the ‘Financial Times’ newspaper

For now, the amount of the transfers, the specific details of the operation and the veracity of the facts are unknown but “the problem is that this type of news usually entails an investigation by the banking supervisor who audits the control and compliance procedures.” regulations of the entities.” They also emphasize that the risk is that “deficiencies in the control of operations are revealed, which could translate into economic sanctions.”

Financial sources indicate that the only account mentioned by the Financial Times is already closed and that, at the moment, there is no investigation underway by supervisory bodies.

A Santander spokesperson explains that: “We cannot comment on clients. Santander complies with its legal and regulatory obligations, and we pay close attention to regulatory compliance regarding sanctions imposed on third parties.”

The European Union approved the last sanctions package against Iran a year ago, due to the repression of peaceful protests. The United Kingdom and the United States have also been imposing fines and restrictions for years on those companies that intend to do business with the ayatollah regime.

In 2022, Santander already had to pay a fine of 124.9 million euros in the United Kingdom after detecting “deficiencies” in its protocols to prevent money laundering. Following an inspection, the Financial Conduct Authority (FCA) concluded that Santander UK failed to adequately monitor and manage its systems, which “significantly” affected the oversight of accounts for more than 560,000 business customers.

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