AccountingWeb: NatWest cops landmark £265m money laundering fine for dirty money failures

Recently speaking with AccountingWEB FRA Partner Charlie Steele commented on the first criminal conviction of a bank under UK anti-money laundering laws.

Charlie said, "there was certainly and obviously a serious compliance failure", adding that "there were cases like this in the United States a few decades ago, involving repeated large deposits of bundles of cash in circumstances suggesting links to crime, but we haven't seen cases like that more recently, since the US government significantly ramped up criminal and civil anti-money laundering enforcement."

Read the full piece here.