NatWest faces £340 million fine

I wonder if they’ll actually get the full amount thrown at them to pay :thinking:

Should we be worried by this?

That’s not usually a headline that encourages great confidence in a bank.


I don’t think there is anything to worry about, not in regards to monzo based off that article anyway.

It seems to relate to a specific account rather than a general approach to all accounts.

NatWest faces a fine of up to £340m after admitting three counts of failing to properly monitor £365m deposited into the account of a Bradford jeweller.

NatWest, which is 55% taxpayer owned after a more than £45bn state bailout during the financial crisis, failed to adhere to the requirements of anti-money laundering legislation in relation to Fowler Oldfield’s account between 7 November 2013 and 23 June 2016.

She said: “The turnover of Fowler Oldfield was predicted to be £15m per annum. It was agreed that the bank would not handle cash deposits. However, it deposited £365m, with around £264m in cash.”

She said at its height, Fowler Oldfield deposited up to £1.8m a day.

I’d be very surprised if monzo had an account that was allowed to operate like that for years.

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Yeah, sorry, I should have been clearer. I’m not worried about Monzo. I think it’s interesting how much noise was made when we found out Monzo had a preliminary investigation underway. But another bank gets an actual fine and no one’s concerned. :man_shrugging:


No, £1.8 million in cash would be difficult to pay in via PayPoint


It’s s bit of pocket change and stuff shoved down back sofa

NatWest makes billions and there isn’t material concern about its ability to continue trading.

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