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. The FCA said in a statement Tuesday that NatWest stands accused of three breaches of AML regulations related to subpar vetting and monitoring of a corporate client who paid £365 million into several accounts at the subsidiary in London from November 2011 to October 2016, including an estimated £264 million in cash. "It is alleged that NatWest's systems and controls failed...
The United Kingdom's Financial Conduct Authority announced the commencement of criminal proceedings against National Westminster Bank Plc for alleged offenses under the Money Laundering Regulations 2007.
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