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NatWest receives GBP 264 mln fine

Tuesday 14 December 2021 12:06 CET | News

NatWest has received a fine of more than GBP 264 million after admitting breaching anti-money laundering regulations, according to the Evening Standard.

Bradford-based jeweller Fowler Oldfield deposited GBP 365 million with the bank over a five-year-period, including GBP 264 million in cash, some of which was brought into a branch in bin bags. NatWest, part of the Royal Bank of Scotland group, in October 2021 pleaded guilty to three offences under the Money Laundering Regulations 2007, between November 2012 and June 2016.

At Southwark Crown Court, Mrs Justice Cockerill fined the bank GBP 264,772,620, ordered it to pay GBP 4,297,466 in costs and made a GBP 460,047 confiscation order. It is the first time a financial institution has faced criminal prosecution by the Financial Conduct Authority (FCA) under anti-money laundering laws in the UK.


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Keywords: fraud detection, AML, FCA
Categories: Fraud & Financial Crime
Companies:
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime






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