Brazilian environment and renewable resource institute Ibama has fined Banco Santander (Brasil) SA a total of 47.5 million Brazilian reais for financing an agricultural project in some protected areas of the Amazon, Estadão reported.

Together with the federal prosecutors of Mato Grosso, Ibama found out that the bank funded the planting of corn and soybeans in areas placed under protection due to previous irregular plantings. The bank was said to have brokered the planting of 95,000 bags of maize during the 2015 season in a 572-hectare area.

In addition to Santander, fines were also imposed on other companies in trading and production. Total infractions are expected to reach approximately 170 million reais, the report said.

As of Oct. 21, US$1 was equivalent to 3.17 Brazilian reais.