| Link(s): | https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures |
Context
Following criminal charges for money laundering failings pursued by the FCA, National Westminster Bank Plc (NatWest) has been fined £264,772,619.95. The convictions, which NatWest plead guilty to on 7th October, are for three offences of failing to comply with money laundering regulations.
Key points to note
- The charges covered NatWest’s failure to properly monitor the activity of a commercial customer between 8th November 2012 to 23rd June 2016. Over the course of the customer relationship approximately £365m was deposited with the bank, of which around £264m was in cash.
- Some of the bank’s employees, who were responsible for handling these cash deposits, reported their suspicions to bank staff responsible for investigating suspected money laundering, however no appropriate action was ever taken.
- A separate investigation by West Yorkshire Police has led to 11 people pleading guilty to charges relating to the cash deposits and three cash couriers being charged. A further 13 individuals are awaiting trial at Leeds Crown Court on 25th April 2022.
Next actions
Whilst we have included this item for information and awareness it does highlight the importance of having appropriate anti-money laundering procedures in place and ensuring they are adhered to by all employees.