National Westminster Bank Pleads Guilty to AML Breaches

Today NatWest entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by us under Money Laundering Regulationshttps://t.co/ysWBbwItdd

— Financial Conduct Authority (@TheFCA) October 7, 2021

The FCA alleged in March that increasingly large cash deposits were being made into the accounts of a NatWest customer. From a total deposited amount of approximately £365 million (USD 498 million), roughly £264 million (USD 360 million) was cash. The FCA stated NatWest’s systems and controls “failed to adequately monitor and scrutinize this activity.”

Following the three guilty pleas, the FCA has confirmed that no current or former NatWest employee will be prosecuted. 

CEO of NatWest, Alison Rose, gave a statement that said in the last five years, the bank has invested about £700 million (USD $954 million) to upgrade their transaction monitoring systems, automated customer screening, and new customer due diligence solutions. The bank also announced plans to invest “over £1 billion to further strengthen financial crime controls over the next five years.”

Jonathan Fisher, a senior lawyer at Bright Line Law specialising in money laundering cases, stated, “the message sent to financial institutions is clear. If there are failings in your money laundering systems, criminal prosecution may follow. NatWest was sensible to take the hit, and it must now move on.”

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