Natwest admits money laundering failings

Natwest may face a fine up to £340 million after admitting it didn’t do enough to stop money laundering prior to 2016.
1 min read
Natwest Group

Natwest has admitted to money laundering failings and may now face a fine up to £340 million. The case which has caused this involved large cash deposits and a total of £365 million deposited into a UK customer account.

Natwest has said it had “relevant operational failures… between 2012 and 2016”. A Bradford based jeweller (Fowler Oldfield), which was raided by the police in 2016, was carrying out millions of pounds worth of money laundering. The customer deposited all of the money over a period of 5 years, most of it in cash. At the height of the laundering £1.8m a day was allegedly being deposited.

Natwest, which is still majority owned by the UK taxpayer since its bailout, is the first British bank to admit to this criminal offence. The FCA has confirmed it will not take action against former or current employees at Natwest.

The bank is also the biggest UK business account provider and has said it has invested millions over the next few years to prevent this happening again. Still, a large fine is in store for NatWest as a result of these failings.

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