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14 October 2021
Issue: 7952 / Categories: Legal News , Criminal
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First criminal money-laundering prosecution under the Money Laundering Regulations

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NatWest (National Westminster Bank Plc) has pled guilty to money-laundering breaches, in the first criminal prosecution under the Money Laundering Regulations 2007

The bank entered guilty pleas at Westminster Magistrate’s Court last week, accepting that it failed to comply with the regs in relation to a UK incorporated customer between 7 November 2013 and 23 June 2016, and between 8 November 2012 and 23 June 2016. The Financial Conduct Authority (FCA) brought the prosecution.

The case has been referred to Southwark Crown Court for sentencing. No individuals are being charged.

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Claire Cross, partner at Corker Binning, said: ‘The fact that the FCA chose such a large organisation as its first prosecution target confirms what was already known about its intentions to step up activity in this area.

‘The FCA’s counsel has already given an indicative fine of £340m. If she is correct then the sum will far outstrip the previous regulatory fines of £38m for Commerzbank, £102m for Standard Chartered and £163m for DeutscheBank.’

Issue: 7952 / Categories: Legal News , Criminal
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