The U.K. Financial Conduct Authority (FCA) announced Tuesday it has brought landmark criminal proceedings against a subsidiary of NatWest Group (formerly the Royal Bank of Scotland Group) concerning alleged money laundering violations.

The case is the first criminal prosecution brought by the FCA under the 2007 Money Laundering Regulations (MLR) and the first under the law against a bank.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...