FCA has started criminal proceedings against NatWest for breaches of the MLR 2007. It alleges that, over a 5 year period up to late 2016, the bank breached MLR 8(1), 8(3) and 14(1) in relation to funds deposited into accounts of a UK incorporated customer. FCA says that around £365m was paid into the accounts, in increasingly large deposits, of which around £264m was deposited in cash. FCA says the bank’s systems failed adequately to monitor and scrutinise the activity.
FCA takes action against NatWest for MLR breaches
Scales of Justice ( Lady of Justice) of the Central Criminal Court fondly known as The Old Bailey in the city of London, England, UK