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Home News

*This is how we do it:* NatWest guilty in first prosecution of bank under money laundering laws

"Wonder how many will be jailed?' said one person ironically.

Joe Mellor by Joe Mellor
2021-10-07 11:59
in News
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NatWest has admitted three counts of failing to properly monitor £365 million deposited into a customer’s account.

It is the first time a financial institution has faced criminal prosecution under anti-money laundering laws in the UK.

The Financial Conduct Authority (FCA) said NatWest failed to adhere to the requirements of anti-money laundering legislation in relation to Fowler Oldfield Ltd’s account between November 7 2013 and June 23 2016.

Fowler Oldfield was a century-old jeweller based in Bradford.

It was shut down following a police raid in 2016.

NatWest now faces a fine of up to £240 million.

FCA prosecutor Clare Montgomery QC told Westminster magistrates that when Fowler Oldfield was taken on as a client by NatWest, its predicted turnover was said to be £15 million per annum.

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However, it deposited £365 million over the space of almost five years.

Cash deposits

She said: “The turnover of Fowler Oldfield was predicted to be £15m per annum.

“It was agreed that the bank would not handle cash deposits.

“However, it deposited £365m, with around £264m in cash.”

She said that at its height, Fowler Oldfield deposited up to £1.8 million a day.

NatWest chief executive Alison Rose said: “We deeply regret that NatWest failed to adequately monitor and therefore prevent money laundering by one of our customers between 2012 and 2016.

“NatWest has a vital part to play in detecting and preventing financial crime and we take extremely seriously our responsibility to prevent money laundering by third parties.

“In the years since this case, we have invested significant resources and continue to enhance our efforts to effectively combat financial crime.

“We work tirelessly with colleagues, other banks, industry bodies, law enforcement, regulators and governments to help find collaborative solutions to this shared challenge. These partnerships are crucial to counter the significant and evolving threat of financial crime to society.”

NatWest admitted three offences under the Money Laundering Regulations 2007.

It will be sentenced at Southwark Crown Court on or before December 8.

Reactions

1.

A win for the FCA: Natwest pleads guilty over failure to prevent alleged money laundering in Fowler Oldfield gold dealer case. Criminal trial of 13 defendants accused of using the accounts in question to launder criminal proceeds is scheduled for next year

— James Hurley (@jameshurley) October 7, 2021

2.

This is extraordinary. The UK’s Financial Conduct Authority looks like it has secured the criminal conviction of a major UK bank.

NatWest pleads guilty to money laundering offences https://t.co/WQLk1xQU2w

— Ian Fraser (@Ian_Fraser) October 7, 2021

3.

Wonder how many will be jailed? Ha, none of course but some poor single parent forced to steal to feed the kids 🧑‍⚖️ NatWest pleads guilty to money laundering offences https://t.co/XX8F7ChcjQ

— Jim Patterson (@MrJim_Patterson) October 7, 2021

4.

BREAKING: NatWest pleads guilty to money laundering charges as CEO apologises

NatWest CEO Alison Rose said she "deeply regrets" that NatWest failed to prevent money laundering –> https://t.co/purC2b8DJ7 #Natwest #Moneylaundering #Crime #Banking #DirtyMoney #Banks

— City A.M. (@CityAM) October 7, 2021

Related: Johnson eager for beaver as a dream weaver for the deluded Leaver 

Tags: Natwest

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