Money laundering - o/t but mentions gold13 Dec 2021 20:07
NatWest has been fined £265m after admitting it failed to prevent money-laundering of nearly £400m by one firm.
A gold trading business suspected of money-laundering deposited £700,000 in cash into one NatWest branch in black bin bags, a court heard on Monday.
A criminal gang deposited huge sums of cash across about 50 branches, prosecutors for the UK's financial watchdog said.
NatWest said it deeply regrets failing to monitor the customer properly.
It is the first time a financial institution has faced criminal prosecution by the Financial Conduct Authority (FCA) under anti-money laundering laws in the UK.