Santander Settles French Money Laundering Case for €22.5 Million

Banco Santander SA agreed to pay €22.5 million ($26.2 million) to settle a case opened in 2013 into operations at its Paris branches that included allegations of money laundering, French prosecutors said.

The settlement, which was approved by a judge on Friday, doesn’t include any admission of guilt, Paris prosecutor Laure Beccuau said in a statement.

The investigation established that there had been an illicit system in which checks were deposited in individuals’ accounts and cash was provided to clients outside of the banking system, according to the statement.

Santander didn’t immediately respond to requests for comment.

To contact ...