Tuesday, December 14, 2021

The banks at it again


NatWest has been fined £265m after admitting it failed to prevent money-laundering of nearly £400m by one firm.

A gold trading business suspected of money-laundering deposited £700,000 in cash into one NatWest branch in black bin bags, a court heard.

A criminal gang deposited huge sums of cash across about 50 branches, prosecutors for the UK's financial watchdog said.

A French court fined Swiss bank UBS 1.8 billion euros ($2.0 billion) on appeal on Monday for its role in helping French residents commit tax fraud. 

The court found UBS guilty of concealing serious tax fraud and illegal banking activities in France between 2004 and 2012, when it was sending Swiss bankers to court well-heeled French clients. Almost 10 billion euros were shielded from the eyes of their tax officials over that eight-year period ending in 2012.

Four of six UBS bankers who also faced charges were handed down suspended jail sentences of up to one year and 300,000-euro fines,

1 comment:

ajohnstone said...

HSBC will pay a £63.9m fine after UK regulators found that it had allowed customers to make transactions worth millions or even billions of pounds without being checked for money laundering

HSBC has previously been forced to pay £1.2bn in the US for failing to track drug-related money laundering in Mexico