Nat West pleads guilty to MLR offences

Nat West has entered guilty pleas to criminal charges brought by FCA that it had failed to comply with certain requirements under the MLR 2007 between various dates from November 2012 to June 2016. The failings related to the accounts of a UK incorporated customer, which had deposited large amounts of cash unexpectedly.

The case, the first criminal prosecution FCA has brought under the MLR 2007, has now been referred for sentencing.

The action was against the bank only, and not any individuals.