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A “sleeping lion” wakes as NatWest pleads guilty in criminal money launding case

Published by The Stack
October 08, 2021 @ 12:53 PM

The Stack is one of the UK’s fastest growing business technology publications. Founded in late 2020 by Edward Targett, the former editor of Computer Business Review, it regularly features interviews with some of the world’s most influential digital leaders, along with think pieces, news, and business intelligence. You can follow The Stack on LinkedIn here.


A “sleeping lion” wakes as NatWest pleads guilty in criminal money launding case

natwest convicted of money laundering
 "You're depositing *how much* cash?"

NatWest has plead guilty to criminal money laundering charges brought by the Financial Conduct Authority (FCA) — after a UK customer paid £264 million in cash into their account, unquestioned, between 2011 and 2016.

The landmark case will have seismic repercussions across the industry.

NatWest was charged under the Money Laundering Regulations (MLR) 2007. (The MLR has since been superseded by the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.) The case is the first criminal prosecution under the MLR 2007 by the FCA.

The FCA said on October 7, 2021: “NatWest accepts that it failed to comply with regulation 8(1) between 7 November 2013 until 23 June 2016; and regulations 8(3) and 14(1) between 8 November 2012 until 23 June 2016 under MLR 2007 in relation to the accounts of a UK incorporated customer.”

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Posted in:CIONET UK

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