$460 million

likely penalty faced by NatWest Group in wake of money laundering charges NatWest Group Plc could face a fine of around £340 million ($460 million) from the UK’s financial watchdog after pleading guilty to three criminal charges of money laundering.

The bank admitted it failed to prevent money laundering at an English gold dealer. NatWest took in some £365 million in deposits over five years, more than two-thirds of which was in cash despite the gold dealer indicating an annual revenue of £15 million per year. The criminal charges, brought by the Financial Conduct Authority (FCA), were the first of their kind. Clare Montgomery, a lawyer for the FCA, suggested the fine could be around £340 million, which would be higher than the sum of all the regulator’s other fines for two years.