NatWest has been dragged into a massive money laundering scandal involving hundreds of millions of pounds deposited in banknotes.
In a move that stunned the City, regulators launched criminal proceedings against the High Street bank and accused it of failing to scrutinise a string of suspicious payments by a business customer.
The Financial Conduct Authority (FCA) said the customer, which it did not name but is understood to be Bradford-based jewellery wholesaler Fowler Oldfield, paid £365m into its Natwest account over a five-year period. Around £264million of that was deposited in cash in increasingly large sums.
In a move that stunned the City, regulators launched criminal proceedings against Natwest and accused it of failing to scrutinise a string of suspicious payments by a business customer
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Summary
The Final Hampton-Alexander Review regarding women on boards has been published. This business-led independent Review has achieved significant progress - women now make up around 40%, in aggregate, of the non-executive directors on FTSE 350 boards. There is, however, a continuing challenge in the proportion of senior women executives on boards and on executive committees as well as the number of women with ethnic minority backgrounds.
This briefing looks at the key findings from the final review, sets out Sir Philip Hampton’s recommendations for the future and reminds companies of some of the views from key stakeholder groups.
Background
The 2016 Hampton-Alexander Review recommended that: