LONDON, Oct 7 Reuters - State-backed NatWest has pleaded guilty to failing to prevent alleged money laundering of nearly 400 million pounds $ 543.80million - the first British lender to confess guilt to such offences
NatWest pleaded at a Westminster Magistrates' Court hearing on Thursday. An FCA attorney told the court the likely sentence is a large fine Prosecutors at FCA Financial Conduct Authority said the bank failed to monitor suspect activity by a client who deposited about 365 million pounds in its accounts over five years, of which 264 million was in cash.
The first action, first announced in March by the FCA, was against a bank in 2007 after a 2007 money laundering law.
We deeply regret that NatWest did not protect and therefore monitor money laundering by one of our customers between 2012 and 2016, NatWest CEO Alison Rose said in a statement.
The client at the center of the case is the collapsed Bradford-based gold dealership Fowler Oldfield, Reuters and other media have reported, which was closed in 2016 following a police raid.
The charges are linked to a separate case against 13 individuals based in cities across the country, Reuters has reported.
NatWest remains 55% taxpayer owned, after receiving a 45 billion pound-plus $61 billion-plus bailout at the peak of 2008 financial crisis.