NatWest fined £264m after breaches of anti-money-laundering laws
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. NatWest’s Halifax branch received £750,000 over three days, and branches in Piccadilly and New Bond Street had “several millions” in deposits, worried that it was more cash than they could deal with. without the bank’s failings, the money could not have been laundered.” Fowler Oldfield had a predicted annual turnover of £15m when it was taken on as a client by the bank, but £365m was deposited, including £264m in cash, the court heard. The court heard that between 2008 and March 2017, NatWest had recorded direct cash deposits as cheque deposits on the bank’s automatic monitoring system, which affected around £165m in payments from Fowler Oldfield. But Ms Montgomery said: “So far as each of those reports were concerned, none of them led to an SAR being filed.” NatWest’s chief executive officer, Alison Rose, said: “NatWest takes its responsibility to prevent and detect financial crime extremely seriously.
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NatWest hit with £264m fine after breaches of anti-money laundering rules
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HSBC, Barclays and NatWest fined by EU for foreign exchange cartel
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