NatWest has entered guilty pleas to criminal charges brought by the FCA under the Money Laundering Regulations 2007 (MLR 2007).
This is the first criminal prosecution under the MLR 2007 by the FCA.
The MLR 2007 came into force on 15 December 2007 and form part of the UK’s legislative framework designed to prevent the use of the financial system for the purpose of money laundering and terrorist financing.
At Westminster Magistrates’ Court, NatWest today accepted that it failed to comply with regulations between 2012 and 2016 in relation to the accounts of a UK incorporated customer. The FCA stated that these regulations require certain firms to ensure they have adequate anti-money laundering systems in place as well as controls to prevent money laundering.
No individuals are being charged as part of these proceedings, the FCA confirmed. The case has now been referred to the Southwark Crown Court for sentencing.
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories