On 13 December 2021 NatWest was fined approximately £256m after pleading guilty to three criminal charges of failing to adequately monitor its customer’s accounts for signs of money laundering between 2012 and 2016.
In this Banking Insight paper, Ben Tutt, FinCrime Threat Intelligence Lead in the BAE Systems Futures team, looks at the case in more detail.
As the quest to fight financial crime becomes ever more complex, Ben investigates how a criminal organisation managed to dupe this multi-national, seasoned bank for so long, and questions what the whole industry can learn from the case.