FCA to prosecute Nat West for massive AMLR breaches

Posted: 23/3/2021

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The FCA is set to criminally prosecute NatWest over Anti-Money Laundering (AMLR) failings.The Financial Conduct Authority (FCA) claims deposits were made into a UK account totalling £365m between 2011 and 2016 – £264m of which was in cash. The FCA alleges NatWest’s systems and controls failed to adequately monitor and scrutinise this activity. It is the first time the FCA has pursued criminal action against a bank, and if convicted the fines NatWest could face are unlimited. It will be interesting to see how far the FCA is willing to go to make an example of NatWest and bring to bear the full force of its prosecuting authority. 

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