NatWest bank has admitted not having complied with anti-money laundering laws regarding “large cash deposits” to single client accounts.

The company pleaded guilty on Thursday in Westminster Magistrates’ Court to three counts under Regulation 45 (1) of the Money Laundering Regulations 2007, after failing to monitor the accounts of a customer incorporated in the United Kingdom.

The banking supervisor, the Financial Conduct Authority (FCA), in stating the fees, previously said that “increasingly large cash deposits” were being made to the customer’s account.

This is the first time the FCA has taken criminal charges under money laundering regulations and the first time the rules have been used to sue a bank.

NatWest Managing Director Alison Rose said: “We deeply regret that NatWest failed to adequately monitor and therefore prevent money laundering by one of our clients between 2012 and 2016.

“NatWest has a vital role to play in the detection and prevention of financial crime and we take our responsibility to prevent third party money laundering very seriously.

“In the years since this case, we have invested significant resources and continue to step up our efforts to effectively fight financial crime. We work tirelessly with colleagues, other banks, industry bodies, law enforcement, regulators and governments to help find collaborative solutions to this common challenge.

“These partnerships are essential in addressing the significant and evolving threat of financial crime to society. “

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NatWest admits guilt in first bank prosecution under money laundering laws

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