NATWEST has admitted its guilt on three counts of failing to properly monitor the £365 million deposited into a customer’s account.

The Financial Conduct Authority (FCA) said NatWest failed to adhere to the requirements of anti-money laundering legislation in relation to Fowler Oldfield Ltd’s account between November 7 2013 and June 23 2016.

Fowler Oldfield was a century-old jeweller based in Bradford. It was shut down following a police raid in 2016.