The Financial Conduct Authority (“FCA”) has launched its first criminal prosecution for offences under the Money Laundering Regulations. It is also the first criminal prosecution against a bank for such offences. Previous FCA action has focussed on imposing fines for breaches and regulatory action over criminal prosecution. However, they have been heavily criticised previously for failing to prosecute breaches. Does this case signal a new regulatory approach?

https://www.twobirds.com/en/news/articles/2021/global/natwest-to-face-the-first-criminal-prosecution-by-the-fca