NatWest Bank are facing the first money laundering prosecution after the Financial Conduct Authority (FCA) let an investigation into the company accounts of Fowler Oldfield, a gold and precious metal dealer based in Bradford.
The FCA found that Fowler Oldfield had made cash deposits into the account held with NatWest of £264m.
However, the FCA claim that NatWest failed to complete proper due diligence and continuous monitoring of the deposits.
NatWest is still 62% owned by the taxpayer after the Government had to bail it out in 2008, which is ironic as it is the Government bringing about the prosecution.
It is understood that no individual prosecutions will be brought, but the bank is to face Court on 14 April.
It will be interesting to see the outcome.
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