UK: FCA HAS LAUNCHED CRIMINAL PROCEEDINGS AGAINST NATWEST FOR MONEY LAUNDERING OFFENCES

On 16 March, KYC 360 reported that the FCA said the bank allegedly failed to comply with money laundering regulations between November 2011 and October 2016, arising from the handling of the accounts of a UK incorporated customer.  The FCA alleges that increasingly large cash deposits were made into the customer’s accounts. In total, around £365 million was paid into the accounts, of which around £264 million was in cash.

https://www.riskscreen.com/kyc360/news/uk-watchdog-accuses-natwest-of-money-laundering-failings/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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