NatWest is being investigated by the City watchdog over alleged money laundering failures after £365million was paid into the bank by a Bradford-based gold dealer. The account belonged to Bradford-based gold dealer and jeweller Fowler Oldfield Ltd, a court summary revealed. Representatives for the bank's taxpayer-backed parent firm the NatWest Group are due to appear at Westminster Magistrates' Court on April 14. The FCA said the money laundering rules require firms to 'determine, conduct and demonstrate risk-sensitive due diligence and ongoing monitoring of its relationships with its customers for the purposes of preventing money laundering'. Money laundering specialist Jonathan Fisher QC said: 'This is potentially very serious, and not just because there is an unlimited fine.

Source: Daily Mail March 16, 2021 16:39 UTC