NatWest accepted that it failed to comply with regulation 8(1) between 7 November 2013 and 23 June 2016, and regulations 8(3) and 14(1) between 8 November 2012 and 23 June 2016 under MLR 2007, in relation to the accounts of a UK incorporated customer.

These regulations require certain firms, including those regulated by the FCA, to ensure they have adequate anti-money laundering (AML) systems and controls to prevent money laundering.

The case has now been referred to the Southwark Crown Court for sentencing.

This is the first criminal prosecution under the MLR 2007 by the FCA and no individuals are being charged as part of these proceedings.