National Westminster Bank (NatWest) was fined £264.8 million (U.S. $350 million) for three offenses of failing to comply with the United Kingdom’s anti-money laundering (AML) laws.

The fine was imposed by Justice Sara Cockerill of the Southwark Crown Court on Monday. NatWest pleaded guilty in October to violating the 2007 Money Laundering Regulations, marking the first time the U.K. Financial Conduct Authority (FCA) has pursued criminal charges for money laundering failings.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...