Yahoo Finance NatWest (NWG) to Face Charges Over Money-Laundering Breach
Criminal proceedings have been initiated against NatWest Group plc NWG by Britain’s financial watchdog over anti-money laundering failures. The Financial Conduct Authority (“FCA”) has alleged that NatWest, formerly known as Royal Bank of Scotland, could not detect suspicious activity by a British customer, who deposited 365 million pounds in his account (including 264 million pound in cash) between November 2011 and October 2016.
Notably, this is the first attempted prosecution against a British bank under the 2007 money laundering law.
The customer was Fowler Oldfield, a Bradford-based gold dealer, who liquidated his business in 2016, following a series of police investigations, according to a person familiar with the investigation.
NatWest is due to appear at Westminster Magistrates Court on Apr 14, 2021. If convicted, the bank may face an unlimited fine.
However, no individuals are being charged as part of the proceedings.
Notably, in July 2017, the FCA had first notified NatWest of the investigation. Since then, the bank has been in cooperation.
NatWest stated, “NatWest Group 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.”
Shares of the company have gained 106% over the past six months compared with 45% growth of the industry it belongs to.
Currently, NatWest carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the finance space are mentioned below.
Hope Bancorp, Inc. HOPE has witnessed an upward earnings estimate revision of 19.3% for 2021 over the past 60 days. Its shares have gained 103% over the past six months. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Waddell & Reed Financial, Inc.’s WDR 2021 earnings estimates have increased 6.6% over the past 60 days. The company’s shares have gained 61.6% over the past six months. At present, it carries a Zacks Rank #2.
The Goldman Sachs Group, Inc. GS has witnessed an upward earnings estimate revision of 12.3% for the current year over the past 60 days. It currently carries a Zacks Rank of 2. The stock has gained 75.4% over the past six months.
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