Aziz Rahman warns of need to comply with money laundering obligations after NatWest fine
With NatWest being fined £265 million for money laundering failings, Aziz Rahman said that the effect would be felt across the financial world.
He emphasised that the fine highlighted the price that has to be paid if a corporate does not meet its money laundering obligations. In a statement, he said that the fact that the Financial Conduct Authority had brought a criminal prosecution instead of imposing regulatory sanctions showed how serious NatWest’s failings were.
Aziz saw the case as an indicator that the FCA is prepared to be more aggressive when it feels it should be, and that other financial institutions need to ensure they are not the next to face such action. He described the case as “a headline-grabbing reminder of the importance of complying with money laundering obligations’’.
His comments were reported by City AM and Law360. (Subsctiption Required)
