NatWest (formerly Royal Bank of Scotland) has pleaded guilty to failing to prevent money laundering totaling over £ 360 million in 2012-2016.
According to UK law, not only individuals, but also legal entities can be held criminallycan be held criminally liable. Bank NatWest is now facing a large fine (totaling up to £ 340 million).
The case was brought against the bank by the Financial Conduct Authority (FCA). Anti-money laundering requirements have not been met for Fowler Oldfield Ltd. The company was in the jewelry business and was shut down following a police audit in 2016.
When NatWest began serving Fowler Oldfield, FCA attorney Claire Montgomery said the company had projected annual turnover of around £ 15m per annum, according to FCA Attorney Claire Montgomery. Instead, however, about £ 365 million was deposited into the account over five years, of which £ 264 million was in cash. At the height of Fowler Oldfield's development, up to £ 1.8 million a day was deposited into the firm's account.
According to representatives of the top management of NatWest, after 2016, the bank increased its efforts in the field of combating financial crime.
The verdict in the case will be delivered by the Royal Court of Justice of the Southwark district of London no later than December 8, 2021.
Experts speak positively about the position NatWest took during the investigation, and believe that now the bank can calmly develop further.
