NATWEST FINED GBP 264 MILLION OVER BREACHING UK AML LAWS BY HANDLING MUSTY BANK NOTES IN RUBBISH SACKS
December 2nd, 2021
Britain’s largest retail bank has been fined GBP264.7 million (USD350 million) for breaking UK AML laws through handling GBP365 million from a jeweller, suspected of being a major money launderer. (1)
NatWest staff were shown by the case at Southwark Crown Court to have ignored red flags that former Bradford, Yorkshire, jewellers, Fowler Oldfield, was processing millions of pounds of illicit cash.
Fowler Oldfield was closed by police in 2016 following an ongoing ML inquiry.
However, between 2011 and that year, a torrent of cash was banked, far exceeding the ...
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