7 Oct 2021
British Lender NatWest Pleads Guilty to Money Laundering
The Index Today
NatWest has pleaded guilty to charges of money laundering, making it the first lender in the country to admit to such an offense. The state-backed company pleaded at the Westminster Magistrates court at a hearing on Thursday.
According to the Financial Conduct Authority FCA, the bank did not take necessary steps to monitor suspicious financial activity by a client after a deposit of 365 million pounds was made over the course of five years. It must be also noted that 264 million out of the amount was paid in cash.
FCA announced in March that a criminal action will be filed against the bank under a money laundering law. The main client embroiled in the case Fowler Oldfield, a gold dealership located in Bradford which was shut down after a police raid back in 2016.
NatWest CEO Alison Rose said, “We deeply regret that NatWest failed to adequately monitor and therefor prevent money laundering by one of our customers between 2012 and 2016.” The company received a 45 billion pound payout during the 208 financial crisis and has taxpayer ownership of 55%.
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