The Legal Digest

NatWest Pleads Guilty to Breaches of AML Regulations

The breaches facilitated around £365m of laundered funds as a result of inadequate monitoring of customer accounts. The total fine will be decided in December 2021.

This is the first time a bank has been prosecuted under the Money Laundering Regulations 2007 and the first time a bank will be fined for AML offences so the level of fine is hard to predict.