NatWest case pertinent reminder that businesses need to take money laundering seriously

17 March 2021

Commenting on the news that NatWest faces a criminal case over money laundering, John Dobson, CEO at anti-money laundering experts SmartSearch comments:

“What is being alleged is a failing on a massive scale, with astonishing amounts of cash involved, and it highlights that no business or bank is too big to fall victim to fraud.

“I think it also suggests that they should have listened to the advice coming out of the market, but a bank the size of NatWest often believes they don’t need to hear it.

“The Financial Conduct Authority (FCA) has confirmed this is the first criminal prosecution under the money laundering regulations and the first against a bank. If the criminal case is proved, they could face fines of tens of millions of pounds, or even custodial sentences against individuals.

“So, it will be interesting to see how far the FCA is willing to go to make an example of NatWest and bring to bear the full force of its prosecuting authority.

“These allegations are historic to a certain extent, dating back to 2011 to 2016, but the fact is the technology has long been available to verify and monitor individuals and businesses to ensure criminals and fraudsters are stopped before they even get started.

“AML technology is changing and developing all the time, so it’s important for businesses to keep on top of the latest advancements to ensure the best protection is in place.”