The Financial Conduct Authority is to prosecute NatWest for money laundering breaches in the regulator’s first prosecution of its kind, causing shockwaves across the financial community.
The bank is accused of breaching the Money Laundering Regulations 2007 from November 2011 until October 2016 in relation to the handling of funds deposited into accounts operated by a UK incorporated NatWest customer.
Increasingly large cash deposits were made into the accounts, the FCA is alleging. Some £365m was paid into the accounts of which around £264m was in cash.
The FCA says NatWest's systems and controls failed to adequately monitor and scrutinise this activity in breach of hits obligations under regulati...