Skip to Content
AP National Business

NatWest fined 264.8 million pounds in money-laundering case

<i></i><br/>
KMIZ

By
Published 11:42 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — British bank NatWest has been fined 264.8 million pounds ($354.30 million) for failing to comply with money laundering rules. The fine was handed down at Southwark Crown Court in London on Monday. NatWest, the partially state-owned bank formerly known as Royal Bank of Scotland, had pleaded guilty in October to charges related to deposits made by a jewelry business between 2012 and 2016. The U.K.’s Financial Conduct Authority said in a statement that some NatWest workers had reported suspicions about the company’s cash transactions, but the bank failed to take appropriate action and “created an open door for money laundering.” The case marked the first time U.K. financial regulators pursued criminal charges for such violations.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content