Banco Santander fined 1 mln euros for failing to stop money laundering

MADRID, Nov 28 (Reuters) - Spain’s Santander has been fined 1 million euros ($1.1 million) for its “serious failure” to prevent money laundering through an account held by the property group Rumasa between 2007 and 2011, the Spanish Supreme Court said on Monday.

Santander was fined for failing to audit 602 operations with a total value of more than 50 million euros ($52.84 million), the court said. The Rumasa account was with Spanish bank Banesto, which Santander ran before merging it into its main structure in 2013.

A spokeswoman for Santander declined to comment.

“If we consider the absolute figures, the fine of 1 million euros cannot be considered disproportionate,” the court said in a statement. ($1 = 0.9427 euros) ($1 = 0.9463 euros) (Reporting by Paul Day and Angus Berwick, editing by Louise Heavens)