NatWest charged with money laundering by UK's FCA
State-controlled NatWest Bank has been charged with money laundering in the first case of its kind in the UK, Britain’s Financial Conduct Authority said on Tuesday.
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The FCA said the bank, formerly Royal Bank of Scotland and 60% owned by the UK taxpayer, allegedly accepted “increasingly large cash deposits” totalling £365m into the accounts of a UK incorporated customer between November 2011 and October 2016, including £264m in cash.
“It is alleged that NatWest's systems and controls failed to adequately monitor and scrutinise this activity,” the regulator said. The bank is scheduled to appear at Westminster Magistrates’ Court on April 14 in what will be the first criminal prosecution under money laundering regulations against a bank.
No individuals are being charged, the FCA added.
In a separate statement, NatWest said its has been co-operating with the FCA's investigation.
"NatWest Group takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls," it added.
The government injected £45.5bn into RBS in 2008 to prevent its collapse during the global financial crisis.