Britain's financial regulator has started a criminal action against NatWest over allegations it failed to detect suspicious activity by a customer depositing nearly 400 million pounds over 5 years, mostly in cash.law. If convicted, the bank faces a maximum penalty of an unlimited fine.
NatWest had previously disclosed in its 2020 annual report an FCA investigation in relation to"certain money services businesses and related parties." The bank – which remains 62% state-owned after a bailout in the 2007-2009 financial crisis – rebranded from the scandal-tainted Royal Bank of Scotland name last year.
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