NatWest Group plc Rotten Score Breakdown

In December 2021, National Westminster Bank Plc, a subsidiary of NatWest Group plc, was fined £264,772,619.95 after pleading guilty to three criminal offences for failing to comply with UK money-laundering regulations. The Financial Conduct Authority said the charges concerned failures to properly monitor a commercial customer, Fowler Oldfield, between November 2012 and June 2016. NatWest initially understood that it would not handle cash for the customer, yet approximately £365 million was deposited during the relationship, around £264 million of it in cash. FCA records describe multiple red flags, including unusually large cash deposits and internal reports of suspicious activity that did not result in appropriate action. The case was the FCA's first criminal prosecution under the Money Laundering Regulations 2007. Source: Financial Conduct Authority https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures