RegSol Blog

NatWest fined £264.8 Million for Anti-Money Laundering Failures

December 2021

On 13th of December 2021, NatWest was fined £264.8 million for failures regarding anti-money laundering rules. This is the first time the Financial Conduct Authority used its criminal prosecution powers. The case highlighted the importance of having adequate policies and procedures in place and ensuring that any red flags were acted upon.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:

“NatWest is responsible for a catalogue of failures in the way it monitored and scrutinised transactions that were self-evidently suspicious. Combined with serious systems failures, like the treatment of cash deposits as cheques, these failures created an open door for money laundering.”

For more details please see: 
NatWest fined £264.8 million for anti-money laundering failures

By: Eilish Larkin - Regulatory Consultant