U.K. bank NatWest pleaded guilty to three criminal charges stemming from its failure to avert the laundering of close to 400 million pounds, or $544 million, from 2012 through 2016, according to a Thursday (Oct. 7) report from Reuters. The bank faces a hefty fine of up to 340 million pounds for its admission of guilt, according to the report.
At issue in the case was NatWest’s purported failure to identify suspicious activity from a customer who deposited roughly 365 million pounds in accounts, according to the report. Of the amount deposited, 264 million pounds were in cash, according to the report.
Over the past three years, NatWest has invested close to 700 million pounds into anti-money laundering systems and controls, according to the bank’s website.
“At NatWest Group, we run processes, technologies, and systems that help us know our customers, suppliers and third parties,” NatWest said on its website. “We work to understand sources of wealth and sources of funds to reduce the risk that illicit proceeds can enter our bank and as a result, the financial system.”
When necessary, the bank stops payments and closes accounts in cases of suspicious activity, according to the website.
Related: NatWest Relaunches SMB Accelerator Program
The bank also works to help small and medium-sized businesses (SMBs) through its accelerator program, according to PYMNTS. In response to the pandemic and business recovery, the bank, this spring shifted its network of incubators for SMBs to a hybrid setup and focused especially on businesses poised to grow quickly.
Through the accelerator program, the bank provides virtual events, coaching sessions, and one-on-one support for entrepreneurs.
For 2021, the bank set its sights on supporting 35,000 entrepreneurs through its Enterprise programs, as well as a further 200,000 interventions with future entrepreneurs through mentoring, webinars, and coaching.
To date, the bank’s efforts have led to the creation of approximately 1,300 jobs.
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