FCA starts criminal proceedings against NatWest

Tuesday 16 March 2021 12:59 CET | News

The Financial Conduct Authority (FCA) has started criminal proceedings against NatWest over allegedly failing to comply with money laundering rules.

The City watchdog claims large deposits were made into a UK customer account, alleging around EUR 423 million was paid in, including EUR 306 million in cash.

It alleges that NatWest's systems and controls failed to adequately monitor and scrutinise this activity. The FCA said the case marked the first criminal prosecution under the money laundering regulations and the first against a bank.

The allegations date back to between 2011 and 2016. The FCA started investigating in 2017, and NatWest has been aware of the probe since then.

NatWest is scheduled to appear at Westminster Magistrates' Court on 14 April.

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Keywords: FCA, money laundering, banks, AML
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United Kingdom
This article is part of category

Banking & Fintech