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EY has refunded Santander £15m after its anti-financial crime work for the bank was deemed to be insufficient, according to reports from the Financial Times.
The firm was hired by Santander to help address the issues with the bank’s anti-money laundering and financial crime defence systems.
EY’s work on the project, named Project Morgan, was reportedly ineffective and so the company was forced to offer the refund earlier this year.
As it stands it is currently unclear whether Santander will bring in another firm for the project.
The bank was fined £108m in December by the UK Financial Conduct Authority for shortcomings in its anti-money laundering systems between 2012 and 2017.
A Santander spokesperson said: “In the last five years alone we have invested over £700m in a major change programme to transform our bank-wide financial crime framework. We need to keep pace with technological change, which involves piloting new platforms and processes to ensure we are complying with best practice and continuing to innovate.”
EY declined to comment when contacted.
