NatWest Group PLC could be facing a fine of several hundred million pounds from the U.K.’s financial watchdog
NatWest Group PLC could be facing a fine of several hundred million pounds from the U.K.’s financial watchdog after pleading guilty to three criminal charges of money laundering.
In this changing world, it is essential that all banks ensure that their Anti Money Laundering Systems, Practices, and Software are up to date and compliant with the Financial Conduct Authority.
NatWest admitted that it failed to prevent money laundering from a gold dealer taking in some £365 million in deposits over five years, more than two-thirds of which was in cash despite the gold dealer indicating an annual revenue of £15 million per year.
The criminal charges, brought by the Financial Conduct Authority, could potentially be around £340 million which would be higher than the sum of all the regulator’s other fines for the past two years. The ultimate penalty is still to be determined by a London judge later in the year, who will consider any mitigating factors.
This would not have happened if NatWest had been using AMLtrac. AMLtrac is our award-winning Anti Money Laundering Software and counterterrorist financing solution. It is a complete, multi-branch, multi-layered, language-independent solution for banks and other financial institutions.
AMLtrac is dedicated to identifying, tracking, and regulating potentially suspicious or illegal activities or the proceeds of crime. The installation comprises a selection of modules that match the exact requirements of your business. Modules may be mixed and matched into any logical combination and you can add new modules at a later stage without financial penalty.
AMLtrac integrates seamlessly into our Digital Banking and Core Banking Products. It also works with any existing back-office legacy system acting as a complementary extension to it.
To find out more about AMLtrac simply email us, or fill in one of our website forms to set up an initial meeting.