Info:
UK’s largest lender, Santander UK, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.
The news has rattled investors, who sold off shares in the two banks, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).
The Tehran-controlled company has been accused by US officials of raising hundreds of millions of dollars for Iran’s Revolutionary Guards al-Quds Force, and working with Russian intelligence agencies. PCC and its British subsidiary have been under US sanctions since November 2018.
PCC is alleged to have moved money through a Santander UK business bank account by using a front company registered to a detached house in Surrey, according to documents seen by the Financial Times.
Santander UK plc is a British bank, wholly owned by the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is one of the leading personal financial services companies in the United Kingdom, and one of the largest providers of mortgages and savings in the United Kingdom
Also Known As:
Santander UK
Organization Established Date:
11 January 2010
Country:
United Kingdom
Person of interests:
Mike Regnier, CEO
Reason for the color:
» Lloyds and Santander accused of providing accounts for Iranian front companies;