NatWest plc has entered guilty pleas to criminal charges brought by the FCA under the Money Laundering Regulations 2007 (MLR 2007). NatWest accepts that it failed to comply with Regulation 8(1) between November 2013 and June 2016, and Regulations 8(3) and 14(1) between November 2012 and June 2016 in relation to the accounts of a UK incorporated customer.
These regulations require certain firms, including FCA regulated firms, to ensure they have adequate anti-money laundering systems and controls in place to prevent money laundering. The case has now been referred to Southwark Crown Court for sentencing and no individuals have been charged as part of the proceedings. This is the first criminal prosecution brought by the FCA under the MLR 2007.
Press release: NatWest plc pleads guilty in criminal proceedings
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