LONDON (dpa-AFX) - The U.K.'s Financial Conduct Authority has notified NatWest Group plc (NWG NWG.L) that it has commenced criminal proceedings against its unit National Westminster Bank Plc in respect of offenses under the Money Laundering laws.
NatWest Group said it takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls.
The FCA alleged that NatWest failed to adhere to the requirements of rules between 11 November 2011 and 19 October 2016. The rules require the firm to determine, conduct and demonstrate risk sensitive due diligence and ongoing monitoring of its relationships with its customers for the purposes of preventing money laundering.
The case arises from the handling of funds deposited into accounts operated by a UK incorporated customer of NatWest.
The FCA alleged that increasingly large cash deposits were made into the customer's accounts. It is alleged that around 365 million pounds was paid into the customer's accounts, of which around 264 million pound was in cash.
The FCA alleged that NatWest's systems and controls failed to adequately monitor and scrutinize the activity.
NatWest is scheduled to appear at Westminster Magistrates' Court on 14 April 2021.
No individuals are being charged as part of these proceedings, the FCA said in a statement.
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