Op risk data: Mouldy money makes big stink – and fine – for NatWest
Also: Santander plays Santa; JPM in messaging mayhem; ‘Sterling Lads’ cost HSBC a couple of bricks. Data by ORX News
In a regulatory first, the UK Financial Conduct Authority sued NatWest in a criminal court for £269.5 million ($357.4 million), including a fine of £264.8 million, over its anti-money laundering (AML) oversight of UK jeweller Fowler Oldfield. The case, which represents the FCA’s first effort to pursue criminal proceedings over money laundering, was the largest op risk loss of December 2021 and the fourth-largest of the year.
Fowler Oldfield’s foul play gave a literal slant to the term ‘money
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