City watchdog launches criminal proceedings against NatWest over money laundering breaches


The City watchdog has launched criminal proceedings against NatWest over alleged failures to guard against money laundering.

NatWest, formerly known as Royal Bank of Scotland, did not carry out proper checks on a money services business that deposited £365m in its account, including £264m in cash, the Financial Conduct Authority alleges.

The regulator alleges that “increasingly large cash deposits” were made into the account and NatWest did not have systems and controls in place to properly scrutinise this.

Large numbers of cash transactions are a red flag for potential laundering of money linked to crime. The suspicious activity happened between 2011 and 2016.

NatWest is due to appear at Westminster Magistrates’ Court on 14 April. No individuals are being charged as part of the proceedings.


Source link

Related posts