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A famous British bank faces a heavy fine in a money laundering case

A famous British bank faces a heavy fine in a money laundering case

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Natwest Bank CEO Alison Rose said the bank takes financial crime very seriously

Britain’s Natwest bank has pleaded guilty to failing to prevent alleged money laundering of around £400m by a single client.

“We deeply regret” our failure to “sufficiently monitor and prevent money laundering by one of our clients between 2012 and 2016,” the bank said.

The state-backed Natwest Bank, formerly the Royal Bank of Scotland, is the first British bank to admit such a breach.

Lawyers before the court said the bank faces a hefty fine.