UK bank NatWest is currently awaiting sentence at Southwark Crown Court in London, after pleading guilty last month to criminal charges carrying a fine of up to £340m. The first ever prosecution for breaches of the Money Laundering Regulations 2007 by the UK Financial Conduct Authority (FCA) shows that, when the wrongdoing is serious enough, large retail institutions cannot expect an easy ride.
The FCA’s case against NatWest revolved around just one client, Fowler Oldfield, a Bradford-based gold dealer. In 2012, Fowler Oldfield began banking with NatWest, declaring its predicted annual turnover was £15m. However, it then proceeded to deposit £256m in cash between 2012 and 2016 and in total more than £365m moved through its accounts.
