Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 585

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 585
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 on the growing risk in international financial sanctions in an increasingly global and interrelated environment, appropriate knowledge and updating customer due diligence files and, where appropriate, their structures and new businesses and services such as cryptoassets and payment gateways, coupled with the growing risks of fraud, and will continue to do so in the future.

• Continuous cooperation with law enforcement and competent authorities is key to disrupt threatening finance networks support the communities that the Group serves, and the Group is fully committed in this regard.

Annual report 2024 547

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagementandcompliance |

• Forged and maintained relationships with domestic financial intelligence units, law enforcement agencies and public financial institutions to enhance overall capabilities to prevent, mitigate and detect suspicious activities.

• Enhanced and developed methodologies, procedures, processes and systems to detect and mitigate financial crime, to respond correctly to existing and emerging threats.

• The ongoing FCC strategic programme enables a strong approach to the Group’s control framework and operating model, embedding a dynamic model and continuous improvement of scenarios on internal systems such as transaction monitoring and sanctions screening.

| Key FCC lines of action in 2024 |     |                                                                                                                                                                                 |     |                                      |     |                                                                                                                                                                                                                                          |
| Frameworks & policies           |     |                                                                                                                                                                                 |     | One FCC strategic program            |     |                                                                                                                                                                                                                                          |
|                                 |     | →Continued evolution of AML policies and procedures as part of ongoing update of the AML/CFT framework regulation.                                                              |     |                                      |     | →Continued to build on the control framework in several units as a consequence of strengthening the control environment and implementing One FCC strategic program.                                                                      |
| Financial Intelligence units    |     |                                                                                                                                                                                 |     | Oversight                            |     |                                                                                                                                                                                                                                          |
|                                 |     | →Enhanced information sharing activities through a new platform to feed and share information within the Group, enhancing functionality, confidentiality and security controls. |     |                                      |     | →Enhanced the methodology for the FCC unit’s oversight to check that all subsidiaries follow a consistent approach to supervise and assess financial crime risk.                                                                         |
| Trainings                       |     |                                                                                                                                                                                 |     | Relationship with other associations |     |                                                                                                                                                                                                                                          |
|                                 |     | →Targeted training to introduce the new EU AML package and provided an online training module on sanctions.                                                                     |     |                                      |     | →Banco Santander is