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NatWest Claws Back Bonuses From Ex-Staff Over Laundering Penalty.

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  • Additional Information
    • Subject Terms:
      MONEY laundering; CORPORATE culture; BANKING industry
    • Subject Terms:
      UNITED Kingdom
    • Abstract:
      NatWest Group Plc is taking action to address the "collective failure" that led to the firm's conviction for failing to prevent money laundering in 2021. The bank is clawing back bonuses from ten former staff, including those whose awards had been bought out by other UK banks. NatWest stated that it is important for the former staff to be treated the same way as those who remained at the bank and were affected when the 2021 bonus pool was reduced. The bank was fined £265 million ($333 million) after pleading guilty to failing to prevent money laundering. [Extracted from the article]
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