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NatWest was fined £265 million


National West Bank was ordered by a court to pay a £265 million fine. The Financial Conduct Authority (FCA) has charged him with money laundering. The verdict was issued after the bank pleaded guilty.

A gold trader suspected of laundering money has deposited £700,000 in cash with a NatWest branch. The criminals have amassed £400 million in 50 bank branches. In the period from November 8, 2012, to June 23, 2016, the Bank did not sufficiently monitor the activities of the commercial client.

Mark Steward, FCA’s Executive Director of Market Enforcement and Surveillance, stated that:

NatWest is responsible for a directory of negligence in the way it monitored and controlled transactions that were clearly suspicious. Coupled with serious systemic flaws such as treating cash deposits as checks, these errors have created an open door for money laundering.

Without a bank … money could not be successfully laundered

In the court’s opinion:

Keep in mind that while he was in no way complicit in the money laundering that took place, the bank was functionally essential. Without a bank and without its negligence, money laundering was impossible.

The court assured that the penalty would be much higher. It was lowered because the bank pleaded guilty. Anti-money laundering controls are an essential part of the fight against serious crime, such as drug trafficking.

National Westminster Bank is part of the NatWest Group. It was founded in 1968. It is one of the largest financial institutions in Great Britain. The bank offers a wide range of products and services aimed at individual, corporate and institutional clients. It is among the significant commercial and retail lenders in the UK. It is the first bank in the country to face criminal charges under the MLR 2007 FCA.

Author: Izabela Kamionka

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