NatWest, a U.K. state-backed bank, must pay 265 million pounds (about $350 million) after pleading guilty to failing to prevent money laundering, Reuters reported.
The fine was laid down Monday (Dec. 13). NatWest didn’t prevent as much as 400 million pounds’ (about $528.5 million) worth of money laundering, according to the report. The case saw NatWest becoming the first bank to be criminally prosecuted in the U.K. for such a crime.
The headline fine was 365 million pounds and was deducted because of the lender’s guilty plea, the report stated.
In October, NatWest pleaded guilty to three criminal charges in the case.
Read more: UK Bank NatWest Pleads Guilty in Money Laundering Case
NatWest had not identified suspicious activity from a customer who put in around 365 million pounds in accounts, with 264 million pounds (about $348.8 million) in cash.
The last three years had seen the bank investing almost 700 million pounds (about $925 million) in anti-money laundering (AML) systems and controls.
The company’s stated goal is to “work to understand sources of wealth and…
