NatWest Cops To Criminal Charges Over AML Oversight
By Christopher Crosby (October 7, 2021, 10:39 AM BST) -- NatWest pleaded guilty to three criminal charges on Thursday over its failure to comply with anti-money laundering laws in connection with a gold dealership that deposited £365 million ($496 million) over five years.
Prosecutors say that NatWest failed to monitor a gold dealership in northern England that was shut down by police after a raid. (iStock)
Lawyers for the bank entered the guilty pleas at a hearing on Thursday morning at Westminster Magistrates' Court in the first-ever prosecution of a bank brought by the Financial Conduct Authority under anti-money laundering legislation.
Prosecutors say that NatWest failed to monitor Fowler Oldfield Ltd., a former gold dealership...
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