NatWest has entered guilty pleas to criminal charges brought by the FCA under the Money Laundering Regulations 2007 (MLR 2007).
This is the first criminal prosecution under the MLR 2007 by the FCA.
The MLR 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.
At Westminster Magistrates’ Court, NatWest today accepted that it failed to comply with regulations between 2012 and 2016 in relation to the accounts of a UK incorporated customer. The FCA stated that these regulations require certain firms to ensure they have adequate anti-money laundering systems in place as well as controls to prevent money laundering.
No individuals are being charged as part of these proceedings, the FCA confirmed. The case has now been referred to the Southwark Crown Court for sentencing.
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