• Coins MarketCap
    • Coins MarketCap
    • Crypto Calculator
    • Top Gainers and Loser of the day
  • Crypto Exchanges
  • Bitcoin News
  • Crypto News
    • Cryptocurrency
    • Blockchain
    • Finance
    • Investing
    • View all latest Updates regarding crypto
Monday, February 6, 2023
WIREOPEDIA
No Result
View All Result
Contribute!
CONTACT US
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
WIREOPEDIA
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
No Result
View All Result
WIREOPEDIA
No Result
View All Result
Home Business

NatWest fined £265m for failing to stop ‘drugs gang’ laundering bin bags stuffed with cash through branches

wireopedia memeber by wireopedia memeber
December 14, 2021
in Business, Finance
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

NatWest has been fined £265m after it admitted a string of anti-money laundering failures related to the activities of a suspected “drugs gang” behind deposits worth hundreds of millions of pounds.

You might also like

South Korea Starts To Define Cryptocurrencies As Legislation Approaches

Oxford PhD Student Jailed For Defrauding Investors Of $2.6 Million In Crypto

On-chain Activity On BNB Chain Grew In Q4 Amid Market Downtrend: Messari

Prosecutors told London’s Southwark Crown Court that bags of cash were taken to 50 branches between 2012 and 2016 and deposited into accounts linked to Bradford-based jeweller Fowler Oldfield.

The company was suspected, according to the Financial Conduct Authority (FCA), of being a front for an illegal drugs operation that was eventually shut down following a police raid.

The court heard that one person in Walsall had even arrived at a branch with £700,000 in cash in bin bags – so much that they broke and the money had to be repacked in hessian bags.

The cash did not even fit in the branch’s floor-to-ceiling safes.

Another branch, in Southall, took in £42m between January 2015 to March 2016 – but no report was made that it was suspicious.

NatWest had pleaded guilty in October to three charges linked to failing to prevent the laundering of £365m.

COVID-19: Jobless rate falls amid further evidence of soft landing when furlough scheme ended

Mixed bag for Ocado as labour shortage hurts retail arm but group wins patent victory

COVID-19: Business warnings over impact of tougher coronavirus restrictions

Sentencing the lender, Mrs Justice Cockerill pointed to the “glaring nature of some of the failures” and said the fine needed to be big enough “that it will be felt by management and shareholders of the bank”.

But the penalty was reduced from a sum of £397m because of NatWest’s guilty plea.

Regulations require a financial firm to determine and conduct risk sensitive monitoring of customers for the purposes of preventing money laundering.

Fowler Oldfield’s predicted annual turnover when taken on as a client by the bank was £15m but some £365m was deposited over five years, including £264m in cash.

Prosecutor Clare Montgomery QC said there “was a rapid escalation in the amount of cash” being deposited from November 2013, with figures reaching up to £1.8m a day, and by 2014 Fowler Oldfield was the “single-most lucrative” client in the Bradford region.

NatWest’s Halifax branch received £750,000 in three days, while Piccadilly and New Bond Street, which had “several millions” in deposits, were worried it was more cash than they could deal with.

Concerns were raised at a cash centre over the presence of Scottish notes, which the court heard smelled “musty” as if it had been “stored under the floorboards”.

Ms Montgomery said the National Crime Agency (NCA) requested information about the customer over fears the money could be linked to the drugs trade but the bank declined and the concerns did not result in a suspicious activity report (SAR) or trigger a further review.

An outgoing manager of another cash centre said the activity was “the most suspicious money laundering” he had ever seen but the financial crime manager took the view there were “macroeconomic reasons” for the spike in cash deposits.

Ms Montgomery said one rule designed to flag suspicious activity was disabled by NatWest because it created too many alerts “so the bank decided it should be deactivated”.

It is the first time a financial institution has faced criminal prosecution by the Financial Conduct Authority (FCA) under anti-money laundering laws in the UK.

John Kelsey-Fry QC, defending, expressed “deep regret” on behalf of the bank’s board.

NatWest is part of what was the RBS group, now re-named NatWest, which remains 55% owned by the state following its taxpayer bailout during the financial crisis.

The group’s chief executive Alison Rose said: “NatWest takes its responsibility to prevent and detect financial crime extremely seriously.

“We will continue to invest significant resources in the ongoing fight against financial crime.”

Read Entire Article
Tags: BusinessMarket StoriesSkynews
Share30Tweet19
wireopedia memeber

wireopedia memeber

Recommended For You

South Korea Starts To Define Cryptocurrencies As Legislation Approaches

by wireopedia memeber
February 6, 2023
0

South Korea is on its remarkable journey concerning blockchain developments and legislation On Monday, South Korea’s Financial Service Commission (FSC) noted that the blockchain-based tokens

Read more

Oxford PhD Student Jailed For Defrauding Investors Of $2.6 Million In Crypto

by wireopedia memeber
February 6, 2023
0

Cryptocurrency crimes are becoming prevalent and law enforcement agencies are on their toes to crack down on bad players and bring them to book  The British Royal Court...

Read more

On-chain Activity On BNB Chain Grew In Q4 Amid Market Downtrend: Messari

by wireopedia memeber
February 6, 2023
0
On-chain Activity On BNB Chain Grew In Q4 Amid Market Downtrend: Messari

The latest report from Messari researcher, James Trautman, revealed that BNB Chain recorded an increase in on-chain activity contrary to bear market trends According to the report, it...

Read more

Dash Price Prediction As DASH Targets 35% Gains To Record New Range High

by wireopedia memeber
February 6, 2023
0

DASH, like many other tokens in the crypto market, started the year with a bullish sentiment that inspired hope among investors The token rose 52%

Read more

What is cyberpunk: A beginner’s guide to the sci-fi genre

by wireopedia memeber
February 6, 2023
0

Cyberpunk is a subgenre of sci-fi that explores a dystopian future with advanced technology, where the line between man

Read more
Next Post

UK financial system strong enough to withstand even cataclysmic recession - BoE

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

Russia could use chemical or biological weapons in Ukraine, White House warns

March 10, 2022
Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022

Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022

October 12, 2022

The leading investor in Web3, Animoca Brands, raises $110M in funds

September 9, 2022

Browse by Category

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World
WIREOPEDIA

Wireopedia is an automated news feed. The Wireopedia AI pulls from sources with different views so you can see the various sides of different arguments and make a decision for yourself. Wireopedia will be firmly committed to the public interest and democratic values.

Privacy Policy     Terms and Conditions

CATEGORIES

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World

BROWSE BY TAG

Bitcoin Bitcoinist Bitcoinmagazine Blockchain Blockonomi Breaking News Business BuzzFeed Celebrity News Coin Surges Cointelegraph Cryptocurrencies Cryptoslate Defense Entertainment Health Care insidebitcoins Market Stories newsbtc Politico Skynews Strange Technology Trading UK US World

RECENT POSTS

  • Ski guide and snow plough driver among at least eight killed in Alps avalanches
  • Former Newcastle United star among missing following Turkey earthquake
  • Bored Ben Affleck, blushing Adele and unrecognisable Madonna – the seven best bits of the Grammys
  • South Korea Starts To Define Cryptocurrencies As Legislation Approaches
  • Oxford PhD Student Jailed For Defrauding Investors Of $2.6 Million In Crypto

© 2022 WIREOPEDIA - All right reserved.

No Result
View All Result
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
  • Contribute!

© 2022 WIREOPEDIA - All right reserved.

  • bitcoinBitcoin(BTC)$22,829.00-1.56%
  • ethereumEthereum(ETH)$1,629.09-1.50%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$327.44-0.38%
  • usd-coinUSD Coin(USDC)$1.00-0.08%
  • rippleXRP(XRP)$0.398162-1.55%
  • binance-usdBinance USD(BUSD)$1.00-0.14%
  • cardanoCardano(ADA)$0.389452-1.02%
  • dogecoinDogecoin(DOGE)$0.091600-1.38%
  • okbOKB(OKB)$43.881.72%
  • matic-networkPolygon(MATIC)$1.20-1.75%
  • solanaSolana(SOL)$23.07-2.91%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.46%
  • staked-etherLido Staked Ether(STETH)$1,624.87-1.48%
  • polkadotPolkadot(DOT)$6.66-0.44%
  • litecoinLitecoin(LTC)$96.42-0.96%
  • avalanche-2Avalanche(AVAX)$20.02-1.82%
  • tronTRON(TRX)$0.063334-2.33%
  • uniswapUniswap(UNI)$6.78-3.23%
  • daiDai(DAI)$1.00-0.18%
  • cosmosCosmos Hub(ATOM)$14.36-0.87%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,844.00-1.41%
  • chainlinkChainlink(LINK)$6.97-1.16%
  • bitcoin-cashBitcoin Cash(BCH)$133.45-1.34%
  • stellarStellar(XLM)$0.091331-0.96%
  • crypto-com-chainCronos(CRO)$0.080831-1.43%
  • nearNEAR Protocol(NEAR)$2.36-1.90%
  • filecoinFilecoin(FIL)$5.23-1.75%
  • algorandAlgorand(ALGO)$0.256916-1.66%
  • vechainVeChain(VET)$0.024053-2.27%
  • axie-infinityAxie Infinity(AXS)$10.90-1.54%
  • elrond-erd-2MultiversX(EGLD)$44.88-1.06%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001851.28%
  • compound-ethercETH(CETH)$32.71-1.49%
  • terrausdTerraClassicUSD(USTC)$0.0323030.60%
  • ftx-tokenFTX(FTT)$1.91-20.60%