NatWest receives GBP 264 mln fine

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.