The prosecution of the bank was initiated by the Financial Markets Compliance Department. The financial institution faced problems due to cooperation with the jewelry company Fowler Oldfield Ltd. When the business started with NatWest, it had a projected annual turnover of around £ 15m, but ended up depositing around £ 365m in five years, of which 264m in cash.
NatWest's management formally pleaded guilty, and the financial institution was prosecuted as a corporation. According to the conclusions of the British justice, the bank was not directly involved in money laundering, however, it did not oppose it, without which it would not have been possible to launder funds.
According to British law enforcement agencies, cash was delivered to the bank even in dumpsters. Cash from Fowler Oldfield Ltd filled two bank safes from floor to ceiling, and the rest of it lay in a vault behind bars.
In addition to the fine, the bank will now have to pay over 4 million pounds of costs and transfer all "illegal" funds to the state. In addition, NatWest has spent about £ 700m on combating financial crime, and plans to commit an additional £ 1bn over the next five years.
