13 Dec 2021 16:39
National Westminster Bank Plc fined £264.8m for breaches of the Money Laundering Regulations 2007.
National Westminster Bank Plc ("NatWest") has today been fined £264.8 million at a hearing at Southwark Crown Court for three offences under regulation 45(1) of the Money Laundering Regulations 2007, admitted on 7 October 2021. http://www.rns-pdf.londonstockexchange.com/rns/4881V_1-2021-12-13.pdf
The offences related to operational weaknesses between 2012 and 2016, which meant that NatWest did not adequately monitor the accounts of a UK incorporated customer.
The fine, which includes a 33% discount for the bank's early guilty plea will be met from existing provisions, with a small additional provision to be taken in NatWest's Q4 2021 financial accounts.
Today's hearing brings an end to the case against NatWest and the FCA has confirmed that, provided no further evidence comes to light, it will not take action against any individual current or former employee of NatWest in respect of this case. NatWest is not aware of, and is not anticipating, any other authority investigating its conduct in this matter.
NatWest CEO, Alison Rose, said:
"NatWest takes its responsibility to prevent and detect financial crime extremely seriously. We deeply regret that we failed to adequately monitor one of our customers between 2012 and 2016 for the purpose of preventing money laundering. While today's hearing brings an end to this case, we will continue to invest significant resources in the ongoing fight against financial crime."
--ENDS-
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National Westminster Bank Plc 213800IBT39XQ9C4CP71
NatWest Group plc 2138005O9XJIJN4JPN90