On 16 March 2021, the Financial Conduct Authority (FCA) announced it had commenced criminal proceeding against National Westminster Bank Plc (NatWest) for offences under the Money Laundering Regulations 2007 (MLR 2007).
Criminal Proceedings | Rosenblatt’s Financial Crime Team
This marks the first criminal prosecution brought by the FCA under the MLR 2007 and the first prosecution under the MLR 2007 against a bank.
It is alleged that between 11 November 2011 and 19 October 2016 NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) MLR 2007. These regulations require firms to determine, conduct and demonstrate risk sensitive due diligence and ongoing monitoring of their relationships with their customers in order to prevent money laundering.
This case arises from NatWest’s handling of funds deposited into accounts operated by a UK incorporated customer. The FCA alleges that around £365 million was paid into the customer’s accounts, of which approximately £264 million was in cash. It is argued that the firm’s systems failed to monitor and adequately scrutinise this activity.
No individuals are being charged as part of these proceedings, with NatWest scheduled to appear at Westminster Magistrates’ Court on 14 April 2021.
Rosenblatt can help
Rosenblatt has a wealth of experience in financial crime and is uniquely placed to support clients’ that are the subject of an FCA investigation and prosecution having defended one of the largest prosecutions brought by the Financial Conduct Authority.
https://www.rosenblatt-law.co.uk/services/financial-crime/#financial-crime
