In its first criminal case against a bank under anti-money laundering rules, the Financial Conduct Authority has charged the London-headquartered subsidiary of NatWest with failing to properly screen and track tens of millions of pounds in potentially illicit payments.
NatWest faces a record penalty of up to £340 million after becoming the first U.K. financial institution Thursday to admit to criminal violations of rules against money laundering.
The Financial Conduct Authority outlined that the London, U.K.-based financial institution was fined £264,772,619.95 for failing to properly monitor the activity of a commercial customer between Nov. 8, 2012 and June 23, 2016, in violation of the Money Laundering Regulations 2007.
December 13, 2021
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