Bank faces action over money-launder claims

The City watchdog has launched criminal proceedings against taxpayer-backed banking giant NatWest Group for alleged failures under money laundering rules.

The Financial Conduct Authority (FCA) alleges that “increasingly large cash deposits” were made into a NatWest customer’s account, with around £365 million paid in – of which some £264 million was in cash.

It claims that NatWest’s systems and controls failed to properly monitor and scrutinise this activity, which took place between November 11, 2011, and October 19, 2016.

NatWest is due to appear at Westminster Magistrates’ Court on April 14.

It marks the first time the FCA has launched criminal prosecution under the money laundering regulations and the first time the rules have been used to prosecute a bank.

No individuals are being charged as part of the proceedings.

A “no-ties” monthly car insurance subscription service is being offered by the RAC, in a move it says could shake up the market and reduce motorists’ costs.

Rather than being tied to an annual contract, they will pay a monthly subscription, and charges will also depend on the actual number of miles they drive.

The product is aimed at people who drive fewer than 6,000 miles a year.

Pay by Mile from RAC Car Insurance will charge motorists an agreed per mile cost for the miles they drive, on top of a set monthly fee covering when the car is parked.

There will also initial one-off “activation fee”.

Cover will be fully comprehensive and the excess will be £250. be an £50