NatWest, a U.K. state-backed bank, must pay 265 million pounds (about $350 million) after pleading guilty to failing to prevent money laundering, Reuters reported.
The fine was laid down Monday (Dec. 13). NatWest didn’t prevent as much as 400 million pounds’ (about $528.5 million) worth of money laundering, according to the report. The case saw NatWest becoming the first bank to be criminally prosecuted in the U.K. for such a crime.
The headline fine was 365 million pounds and was deducted because of the lender’s guilty plea, the report stated.
In October, NatWest pleaded guilty to three criminal charges in the case.
Read more: UK Bank NatWest Pleads Guilty in Money Laundering Case
NatWest had not identified suspicious activity from a customer who put in around 365 million pounds in accounts, with 264 million pounds (about $348.8 million) in cash.
The last three years had seen the bank investing almost 700 million pounds (about $925 million) in anti-money laundering (AML) systems and controls.
The company’s stated goal is to “work to understand sources of wealth and sources of funds to reduce the risk that illicit proceeds can enter our bank and as a result, the financial system.” The bank has also stopped payments due to suspicions of illicit activity before.
Also in October, NatWest acquired RoosterMoney, a FinTech startup focused on youths.
See more: NatWest Acquires Youth-Geared FinTech RoosterMoney
RoosterMoney, a pocket money app, started in 2016 in London and has worked to help children learn about finances, incorporating rewards, chores and other parental metrics.
NatWest’s buyout showed that the bank has been trying to extend money management services to a wider swathe of customers, with the company saying this would allow customers more ways to stay on top of tech advances and help teach children.
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