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NatWest accepts that it failed to comply with regulation 8(1) between 7 November 2013 until 23 June 2016; and regulations 8(3) and 14(1) between 8 November 2012 until 23 June 2016 under MLR 2007 in relation to the accounts of a UK incorporated customer. These regulations require certain firms, including those regulated by the FCA, to ensure they have adequate anti-money laundering systems and controls to prevent money laundering.
The case has now been referred to the Southwark Crown Court for sentencing.
This is the first criminal prosecution under the MLR 2007 by the FCA.
No individuals are being charged as part of these proceedings.
Notes to editors:
- The Money Laundering Regulations 2007 came into force on 15 December 2007 and form part of the UK’s legislative framework designed to prevent the use of the financial system for the purpose of money laundering and terrorist financing. They were superseded by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- NatWest is a subsidiary of NatWest Group Plc (formerly the Royal Bank of Scotland Group plc).