The first bank, Nat West, to face a criminal conviction for breaches of the Money Laundering Regulations 2007 was sentenced today at Southwark Crown Court. The sentencing remarks of Mrs Justice Cockerill are available here (pdf).
A fine of just over £264 million was imposed, Mrs Justice Cockerill stating that the case was one where, notwithstanding the bank's regret and its commitment to improvement, it was necessary to pass a sentence that would be felt by management and shareholders. In addition to the fine, and a confiscation order of approximately £460,000, the bank was ordered to pay the costs of the Financial Conduct Authority - a little under £4.3 million.
Monday, 13 December 2021
UK: Nat West sentencing at Southwark Crown Court for money laundering breaches
The first bank, Nat West, to face a criminal conviction for breaches of the Money Laundering Regulations 2007 was sentenced today at Southwark Crown Court. The sentencing remarks of Mrs Justice Cockerill are available here (pdf).
A fine of just over £264 million was imposed, Mrs Justice Cockerill stating that the case was one where, notwithstanding the bank's regret and its commitment to improvement, it was necessary to pass a sentence that would be felt by management and shareholders. In addition to the fine, and a confiscation order of approximately £460,000, the bank was ordered to pay the costs of the Financial Conduct Authority - a little under £4.3 million.
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