16th Mar 2021 08:18
(Alliance News) - NatWest Group PLC said Tuesday the UK financial watchdog has opened a criminal investigation into the bank's failure to comply with money laundering regulations.
"NatWest Group takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls," the lender said.
The UK Financial Conduct Authority started the investigation in July 2017 - covering the period from November 2011 to October 2016 - but has now decided to begin criminal proceedings against National Westminster Bank PLC for alleged failures to comply with money laundering regulations.
NatWest stressed it has been cooperating with the FCA's investigation.
Shares in the blue chip lender were down 1.0% in London on Tuesday morning at 186.59 pence each, among the worst performers in the FTSE 100.
By Paul McGowan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Natwest