R v Natwest (2021): Another turning point in the regulation of big banks?

Abstract

This article examines R v NatWest, which made headline news for the record fine given to NatWest following allegations of money laundering. This is a first for banking history. The facts themselves are equally remarkable. The analysis conducted in this article proffers some insights into how such activity persisted. Such a discussion shows how unusual the events were in the context of banking history. A contextualized overview of the growth of NatWest has much to offer those interested in the culture and the internal processes within the bank, which lead to a breach of the Money Laundering Regulations 2007. The present case offers numerous points for reflection. Such a comprehensive analysis is worth undertaking not only because of the historical shifts that can be observed in the banking industry though R v NatWest. It shows how some of the tensions in this case are age-old, but, equally, that the decision here has important implications for the future of banking and financial law.