UK bank NatWest faces criminal proceedings
The UK’s financial watchdog has started criminal proceedings against NatWest Bank due to alleged offences under the Money Laundering Regulations 2007 (MLR 2007).
The Financial Conduct Authority (FCA) said the case arose from the handling of funds deposited into accounts operated by a UK-incorporated customer of NatWest.
The regulator alleges that around £365 million was paid into the customer’s accounts, of which around £264 million was in cash, and that NatWest's systems and controls failed to adequately monitor and scrutinise this activity.
Magistrates' Court
NatWest is scheduled to appear at Westminster Magistrates’ Court on 14 April.
No individuals are being charged.
The FCA says this is its first criminal prosecution under the MLR 2007 and the first prosecution under the MLR against a bank.