NatWest: Fined £264.8m for breaches of Regulation
- NatWest fined £264.8m following convictions for three offences of failing to comply with money laundering regulations
- The offences related to operational weaknesses between 2012 and 2016
- The fine, which includes a 33% discount for the bank’s early guilty plea will be met from existing provisions
- This is the first time the FCA has pursued criminal charges for money laundering failings
- Some of the bank’s employees, who were responsible for handling these cash deposits, reported their suspicions to bank staff
- In addition, the bank’s automated transaction monitoring system incorrectly recognised some cash deposits as cheque deposits
