Regulator says bank failed to exercise controls over £264m in cash allegedly paid into customer’s accountsThe City watchdog has launched criminal proceedings against state-owned lender NatWest for allegedly failing to prevent money laundering, in the first prosecution brought under rules introduced in 2007.The
It is alleged that £365m was paid in over that five-year period, including £264m in cash.
Financial Conduct Authority alleges that NatWest, formerly known as Royal Bank of Scotland, failed to monitor and properly scrutinise transactions linked to a corporate customer account in the UK that was collecting “increasingly large cash deposits” between November 2011 and October 2016.
Source: the guardian
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