NatWest Charged with Criminal AML Violations
The UK's FCA brought criminal proceedings against NatWest for AML violations, which is the first criminal prosecution against a bank for violations of the UK's Money Laundering Regulations.
The case involves failure to properly monitor and scrutinize increasingly large amounts of cash deposits (in total approx. £264 million, or $370 million) into a customer's accounts over a 5-year period. This is yet another reminder of the need for automated and continuous monitoring when banking high risk or cash-intensive businesses. You can access the press release here.