NatWest Failed To Flag AML Risks In Real-Time, Suit Says

By Lucia Osborne-Crowley (November 23, 2021, 2:49 PM GMT) -- NatWest has been hit with new allegations over its failure to spot money laundering in an ongoing case brought by the Saudi subsidiary of an Italian engineering giant that lost $5 million to a push payment scam.

Tecnimont Arabia, a subsidiary of Italy's Maire Tecnimont SpA, added new claims to its £3.2 million ($4.3 million) lawsuit against NatWest in a Nov. 12 filing, which has now been made public. It alleges that the lender should be liable to compensate Tecnimont for $5 million.

Tecnimont says it lost the sum when a scammer hacked into the company's emails and directed its bank...

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