Partner Nick Barnard has been quoted in FTAdviser on NatWest (National Westminster Bank Plc) being fined £265m after admitting it failed to prevent money-laundering of nearly £400m.
“As anticipated, NatWest has been hit with a significant fine, which will be the benchmark for future AML prosecutions against similar large financial institutions. The magnitude of the penalty is comparable to those seen in some Deferred Prosecution Agreements as agreed by the Serious Fraud Office in cases of serious fraud and corruption, and so will be seen as a major achievement for the Financial Conduct Authority in its role as a prosecutor.
“The reduction in the fine also reflects the enormous commercial risk of not pleading guilty at an early stage. Had NatWest not done so and gone on to be convicted, the penalty could easily have been increased by £100m or more.” he said.
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