ARTICLE · 08 FEBRUARY 2022

NatWest: A Case Of Ignoring The Obvious

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The NatWest case marks the first instance the Financial Conduct Authority (the "FCA") has pursued criminal charges for money laundering failures.

MaltaGovernment, Public Sector

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The NatWest case marks the first instance the Financial Conduct Authority (the "FCA") has pursued criminal charges for money laundering failures.

NatWest's (the "Bank") AML problems arose when one of its customers, a jeweller who's company was called Fowler Oldfield ("Fowler") was the subject of a money laundering investigation, from which it unravelled that the jeweller was running a multimillion-pound money laundering scheme.

Where does the Bank fit into the equation? The Customer held several accounts with Bank. Throughout the business relationship (between 2012 and 2016), the Bank failed to adhere to AML requirements in relation to the accounts held by the Customer, the activity of which was significant. Deposits of around £365 million over five years were made, £264 million of which were cash deposits.

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