Unison director of organising KEVIN LUCAS explains the Organising to Win strategy, its successes to date and key tests on the union’s horizon
THE Financial Conduct Authority has launched criminal proceedings against tax-payer owned Natwest Bank for failing to comply with anti-money laundering rules, in the first attempted prosecution against a British bank under the 2007 law.
Natwest faces a potentially unlimited fine after the FCA alleged it had failed to properly monitor the actions of a gold dealer. The customer was Fowler Oldfield, a Bradford-based jewellery wholesaler that was shut down after a police investigation in 2016.
The FCA said the company paid £365m into its Natwest account in a series of increasingly large cash deposits between 2011 and 2016. A judge in a court case heard in 2019 said the 122-year-old gold dealer was involved in “an extremely sophisticated” money laundering operation, with up to £2m in cash being delivered to the business each day.
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