Lawmakers probe timeline of NatWest money laundering investigation

British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest for failing to prevent the laundering of nearly 400 million pounds. This took place after the lender pled guilty. The bank admitted three criminal charges of not adequately monitoring customer accounts. This is the first time a bank in Britain acknowledged it committed a criminal offence of this kind.

Mel Stride, chair of the cross-party Treasury Select Committee, said in a letter to the FCA that there are questions which remain to be answered. This is most notably why it has taken five years. A spokesperson stated that they have received the letter and will be responding shortly. Stride said that the committee is also looking into why no individual NatWest staff were prosecuted. The FCA in the case alleged NatWest had failed to monitor suspect activity. In which, a client deposited about 365 million pounds over five years. NatWest could face a potential penalty of around 340 million pounds. This is under sentencing guidelines. The bank reports its third-quarter earnings.