Financial Conduct Authority
NatWest Plc pleads guilty in criminal proceedings
The National Westminster Bank Plc (NatWest) yesterday entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007).
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 They were superseded by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.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).
Latest News from
Financial Conduct Authority
Further arrangements for the orderly wind-down of LIBOR at end-202129/09/2021 12:15:00
The sterling, Japanese yen, Swiss franc and euro LIBOR panels are ceasing on 31 December 2021.
Productive finance working group publishes recommendations addressing the barriers to investment in less liquid assets27/09/2021 10:25:00
The Productive Finance Working Group yesterday published a series of recommendations which could facilitate greater investment in longer-term, less liquid assets.
Stephen Allen sentenced to 28 months imprisonment for forging a trust deed27/09/2021 10:25:00
Stephen Allen was recently sentenced to 28 months imprisonment for forging a trust deed in an attempt to help his client minimise restitution payments owed to victims. A director disqualification order of 8 years was also imposed.
OPBAS publishes report on progress and themes from 2020/2120/09/2021 14:20:00
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has today released its latest report on progress made in tackling money laundering by professional body supervisors over the past year.
FCA bans Jon Frensham from working in financial services17/09/2021 12:10:00
The FCA has banned director Jon Frensham (formerly known as Jonathan James Hunt) from performing any regulated activity.
FCA and TPR outline a framework for value for money in defined contribution pension schemes16/09/2021 13:20:00
The FCA and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector
Barrow & District Credit Union enters administration16/09/2021 10:20:00
Barrow & District Credit Union Limited was placed into administration on 16 September 2021 and has now stopped trading. James Sleight and Peter Hart of PKF GM have been appointed as administrators.
FCA sets out plan to tackle investment harm15/09/2021 11:15:00
The consumer investments market accounts for £1.6 trillion held or invested by consumers through the services of over 6,000 wealth managers, advisors and investment platforms. While most of this market meets consumers’ needs, there are some areas where harm is occurring.