Archive: 2022

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AML Scrutiny in the UK: The Trend Towards Culture of Compliance

AML Scrutiny in the UK: The Trend Towards Culture of Compliance

By Kai Zhang

On 14 December 2021, National Westminster Bank Plc (“NatWest“), a major bank in the UK, was fined by the Financial Conduct Authority (“FCA“) close to £265 million for failure to comply with the relevant anti-money laundering (“AML“) requirements with respect to one single client, a Yorkshire jewelry company (“the Client”) during the period from 8 November 2012 to 23 June 2016 (the “relevant period“). The fine would have been nearly £398 million, but NatWest pleaded guilty and therefore was given a reduction. In addition, slightly over £460,000 of crime money was confiscated (which is essentially the fees NatWest gained from the Client.).

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