British bank NatWest is reportedly facing a significant fine after one of its customers was allegedly able to launder £365 million dollars.
The customer in question was a now-defunct Bradford jeweller, Fowler Oldfield, which was raided by police in 2016.
The Financial Conduct Authority (FCA) alleged that increasingly large cash deposits were made into the customer’s accounts between 2012 and 2016.
It claimed that around £365m was paid into the customer’s accounts, of which around £264m was in cash.
The regulator said that NatWest’s systems and controls failed to adequately monitor and scrutinise this activity.
The Financial Times reported that a judge in a court case in 2019 said the 122-year-old gold dealer was involved in “an extremely sophisticated” money laundering operation, with up to £2m in cash being delivered to the business each day.
The BBC has now reported than a court has heard that Natwest’s fine will likely be “a very large fine”.
The BBC also quoted NatWest chief executive, Alison Rose, as saying: “NatWest has a vital part to play in detecting and preventing financial crime and we take extremely seriously our responsibility to prevent money laundering by third parties.
“In the years since this case, we have invested significant resources and continue to enhance our efforts to effectively combat financial crime.”
The court case is ongoing. Read more below:
Jewellery wholesaler at centre of landmark £365m money laundering case
NatWest facing ‘very large fine’ over £365m money-laundering jeweller case originally appeared via www.professionaljeweller.com