(17 March 2021 – United Kingdom) The financial watchdog has started criminal proceedings against NatWest over allegedly failing to comply with money laundering rules.
The bank formerly known as Royal Bank of Scotland is facing charges claiming deposits were made into a UK account totalling £365m between 2011 and 2016 – £264m of which was in cash.
The Financial Conduct Authority (FCA) alleges NatWest's systems and controls failed to adequately monitor and scrutinise this activity.
It is the first time the FCA has pursued criminal action against a bank.
Given the sums involved, if convicted the fines NatWest could face are unlimited.