Analysis

FCA Adds Bite To AML Regime With 1st Criminal Charges

By Richard Crump (March 16, 2021, 6:01 PM GMT) -- The Financial Conduct Authority launched the first prosecution of a U.K. bank for failing to comply with anti-money laundering rules on Tuesday in a watershed case that will send tremors through London's financial institutions.

The charges against NatWest "set an important precedent" that show the City watchdog is not afraid to pursue big names, a legal expert has said. (iStock) Charging NatWest over its handling of funds from a customer incorporated in Britain allows the FCA to fire a warning shot showing that it intends to make good on its pledge to use its criminal enforcement powers under the country's AML regime....

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