NatWest has admitted three counts of failing to properly monitor £365m deposited into a customer’s account. It is the first time a financial institution has faced criminal prosecution under anti-money laundering laws in the UK.
The Financial Conduct Authority (FCA) said NatWest failed to adhere to the requirements of anti-money laundering legislation in relation to Fowler Oldfield Ltd’s account between November 7 2013 and June 23 2016. READ MORE: Met Office weather forecast as temperatures predicted to reach 21C across Greater Manchester Fowler Oldfield was a century-old jeweller based in Bradford.
It was shut down following a police raid in 2016. NatWest now faces a fine of up to £340m. FCA prosecutor Clare Montgomery QC told
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