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Natwest faces criminal proceedings in UK for alleged money laundering
StockMarketWire.com
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Natwest, the bank formally known as Royal Bank of Scotland, said authorities in the UK had launched criminal proceedings against the company over historic allegations of money laundering.
The Financial Conduct Authority had commenced criminal proceedings against subsidiary National Westminster Bank for alleged offences between 11 November 2011 and 19 October 2016.
The accusations arose from the handling of the accounts of a UK incorporated customer.
'NatWest takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls,' the company said.
Story provided by StockMarketWire.com
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