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NatWest fined £264m after admitting breaching anti-money laundering rules
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theguardian.comNatWest has been fined more than £264m after admitting breaching anti-money laundering regulations.
The Bradford jeweller Fowler Oldfield deposited £365m with the bank over a five-year-period, including £264m in cash, some of which was brought into a branch in bin bags.
NatWest, part of the Royal Bank of Scotland group, pleaded guilty in October to three offences under the Money Laundering Regulations 2007, between 8 November 2012 and 23 June 2016.
At Southwark crown court on Monday, Mrs Justice Cockerill fined the bank £264,772,620, ordered it to pay £4,297,466 in costs and made a £460,047 confiscation order.
“Although in no way complicit in the money laundering which took place,” the judge said, “without the bank’s failings the money could
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