NatWest faces significant damage to its reputation this week as it becomes the first bank to appear in court on criminal charges over money laundering, lawyers say.
It has been slammed by the City watchdog for its role in an alleged £365million scandal, and its legal team will appear at Westminster Magistrates Court on Wednesday when it is expected that the case will be sent to the Crown Court.
NatWest might also be asked how it intends to plead.
A sign of things to come: NatWest has been slammed by the City watchdog for its role in an alleged £365million scandal
Natwest bank became 84.4 per cent owned by the taxpayer following its £45.5bn bailout during the financial crisis of 2007-09. The Government said it would sell around 580m shares in the lender.
Representatives of the bank are due to appear in Westminster Magistrates Court on May 26 for an initial hearing.
The FCA has accused Natwest of failing to monitor the account of a customer, understood to be Bradford-based gold dealership Fowler Oldfield.
Fowler Oldfield is alleged to have deposited £365million, including £264million in cash, in increasingly large sums between November 2011 and October 2016.
After a police raid in 2016 Fowler Oldfield was shut down and liquidated. At the time, 12 people were arrested for money-laundering offences.
Chief executive Alison Rose, who was not in charge when the incidents occurred between 2011 and 2016, said: We re very disappointed with the situation.
Representatives of the bank are due to appear in Westminster Magistrates Court on May 26 for an initial hearing.
The FCA has accused Natwest of failing to monitor the account of a customer, understood to be Bradford-based gold dealership Fowler Oldfield.
Fowler Oldfield is alleged to have deposited £365million, including £264million in cash, in increasingly large sums between November 2011 and October 2016.
After a police raid in 2016 Fowler Oldfield was shut down and liquidated. At the time, 12 people were arrested for money-laundering offences.
Chief executive Alison Rose, who was not in charge when the incidents occurred between 2011 and 2016, said: We re very disappointed with the situation.
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