National Westminster Bank (NatWest) has been fined £264.8 million (US$349.4 million) following convictions for three offences of failing to comply with money laundering regulations.

The bank pleaded guilty to the charges earlier this year in the first ever case in which the UK’s Financial Conduct Authority (FCA) pursued criminal charges for money laundering failings (Trade-based Financial Crime, 1 November 2021).

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