FCA starts criminal action against NatWest for money laundering offences

The Financial Conduct Authority (FCA) has started criminal proceedings against NatWest over allegations the bank broke money laundering rules.

The City watchdog says increasingly large deposits were made into a UK customer account, alleging around £365m was paid in, including £264m in cash.

NatWest said it had been co-operating with the FCA.

It said it took its responsibility to prevent money laundering “extremely seriously”.

The bank added it had made “significant, multi-year investments in its financial crime systems and controls”.