NatWest may be fined €426m over gold dealer in money laundering case     

Bank  took in €430m in deposits over five years, more than two-thirds of which was in cash.

NatWest Group could face a fine of several hundred million pounds from the UK’s financial watchdog after pleading guilty to three criminal charges of money laundering.

The bank admitted that it failed to prevent money laundering at an English gold dealer. NatWest took in  £365m (€430m) in deposits over five years, more than two-thirds of which was in cash despite the gold dealer indicating an annual revenue of £15m per year.

The criminal charges, brought by the Financial Conduct Authority, were the first of their kind. Clare Montgomery, a lawyer for the authority, suggested the fine could potentially be around £340m, which would be higher than the sum of all the regulator’s other fines for the past two years. The ultimate penalty is still to be determined by a London judge later in the year, who will consider any mitigating factors.

The group, which owns Ulster Bank, had agreed it wouldn’t handle any cash deposits when it opened the account. 

• Bloomberg