The Financial Conduct Authority (FCA) has begun criminal proceedings against NatWest Bank over what it sees as compliance failures with the money laundering regs. The allegations date back to 2011 and run through to 2016.
The watchdog says NatWest’s systems and controls failed to pick up on increasingly large cash deposits (over £250 million) being made into UK accounts.
The FCA revealed the case was the first criminal prosecution under the money laundering regulations, and the first against a bank.
NatWest has said it is co-operating fully with the FCA, explaining it “takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls”.