Topic: NatWest Plc pleads guilty in criminal proceedings
Subject of Enforcement: Natwest Bank PLC
Date of Notice: 07/10/21
Overview: Today, National Westminster Bank Plc (NatWest) entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007).
NatWest accepts that it failed to comply with regulation 8(1) between 7 November 2013 until 23 June 2016; and regulations 8(3) and 14(1) between 8 November 2012 until 23 June 2016 under MLR 2007 in relation to the accounts of a UK incorporated customer. These regulations require certain firms, including those regulated by the FCA, to ensure they have adequate anti-money laundering systems and controls to prevent money laundering.
The case has now been referred to the Southwark Crown Court for sentencing.
This is the first criminal prosecution under the MLR 2007 by the FCA.
No individuals are being charged as part of these proceedings.
Penalty: TBC after sentencing.
Topic: Final Notice for Credit Suisse International, Credit Suisse Securities (Europe) Ltd, Credit Suisse AG
Subject of Enforcement: Credit Suisse International, Credit Suisse Securities (Europe) Ltd, Credit Suisse AG (together “Credit Suisse”
Date of Notice: 19th October 2021
Overview: Fighting financial crime is an issue of international importance, and forms part of the Financial Conduct Authority’s operational objective of protecting and enhancing the integrity of the UK financial system. Financial institutions in the UK are obliged to establish, implement, and maintain adequate systems and controls to counter the risk of firms being used to facilitate financial crime; and must act with due skill, care and 1 diligence to adhere to the systems and controls they have put in place, and to properly assess, monitor and manage the risk of financial crime (which includes the risk of fraud, bribery, and corruption.
Between 1 October 2012 and 30 March 2016, Credit Suisse failed to meet these obligations, breaching Principle 3 (by failing to take reasonable steps to manage and control its affairs), SYSC 6.1.1R by failing to maintain adequate policies and procedures to counter the risk it would be used to further financial crime and Principle 2 (by conducting its business without skill, care and diligence). Credit Suisse’s Financial Crime Compliance (“FCC”) function was comprised of
several specialist teams that covered, among other responsibilities, AML
Controls/Surveillance, Sanctions, Bribery Anti-Corruption Compliance (“BACC”),
Anti-Fraud, and Client Identification (“CID”).
Penalty: financial penalty of £210,271,800 on Credit Suisse.
Original Notice: https://www.fca.org.uk/publication/final-notices/credit-suisse-2021.pdf