The FCA fines Monzo: banks face a challenging time

by Abdulali Jiwaji

It is four years since the Financial Conduct Authority (FCA) brought its first criminal prosecution under the UK's anti-money laundering (AML) regulations. Following convictions for failing to prevent the laundering of circa £365 million by Fowler Oldfield, a jewellery business client, NatWest was fined £264.8 million - without a substantial discount resulting from guilty pleas, it would have been £397 million.