NatWest has entered a guilty plea at Westminister Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007.)
The ML7 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.
The bank has accepted that it failed to comply with a number of regulations between 7
November 2013 until 23 June 2016 under the legislation in relation to the accounts of a UK incorporated customer.
These regulations require certain firms, including those regulated by the FCA, to ensure they have adequate anti-money laundering systems and controls to prevent money laundering.
The case has now been referred to the Southwark Crown Court for sentencing.
This is the first criminal prosecution under the MLR 2007 by the FCA.
No individuals are being charged as part of these proceedings.
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