The Financial Conduct Authority (FCA) has launched criminal proceedings against NatWest for alleged money laundering offences between November 2011 and October 2016. In particular, the FCA highlights Natwest’s failure to monitor and adequately scrutinise significant cash deposits. In light of such enforcement action and the reputational damage this may cause, all FIs big and small should take the opportunity to review their own procedures for scrutinising cash deposits, monitoring transactions and reporting suspicious activity.

https://www.fca.org.uk/news/press-releases/fca-starts-criminal-proceedings-against-natwest-plc