NatWest Charged Over Cash Deposits Linked to Gold Dealer (1)

NatWest Group Plc faces landmark money laundering charges for failing to properly monitor a company’s account that received cash deposits totaling 264 million pounds ($365 million).

The bank failed to conduct proper due diligence and oversight of the company’s account over a five-year period through 2016, the U.K. Financial Conduct Authority said. The charges relate to NatWest’s relationship with Fowler Oldfield Ltd., a Bradford, England-based gold dealer, according to a court summary.

NatWest -- once one of the world’s largest banks -- has been transformed into a largely domestic retail bank following a string of scandals. The legal proceedings could ...