UK’s National Westminster Bank Plc (NatWest) has pleaded guilty to criminal charges that the country’s Financial Conduct Authority (FCA) brought about under the British Money Laundering Regulations 2007 (MLR 2007).
The MLR 2007 obligate certain firms, including FCA-regulated entities, to have proper AML controls in place. However, between 2012 and 2016, NatWest failed to comply with three regulations under the MLR 2007. These failings were related to the bank accounts of a UK-incorporated client.
This case represents FCA’s first criminal prosecution under the MLR 2007. Sentencing for this case will be announced later.
Source: Financial Conduct Authority, UK