Royal Bank of Scotland International’s owners NatWest Group could be facing enforcement action from the island’s Financial Services Authority following a probe into anti-money laundering controls.
This follows an inspection of the bank by the FSA in 2021. RBSI also own the Isle of Man Bank.
In its interim results, which were published last Friday, the NatWest Group’ recorded, under litigation and regulatory matters, that the inspection related to ‘ anti-money laundering and counter-terrorist financing controls and procedures relating to specific RBSI customers’.
In May of this year, the FSA informed RBSI that it has since referred the issues identified in the inspection report to its enforcement division.
A NatWest spokesman told the Sunday Times: ‘NatWest takes extremely seriously its responsibility to detect and prevent financial crime. We are investing more than £1bn over the next five years and have more than 5,000 colleagues working in specialist financial crime roles.
The Sunday Times added that ‘it is thought to be some time before the matter is resolved’.
A spokesman for the FSA said: ‘The Isle of Man Financial Services Authority can confirm that the findings of an inspection of RBSI in 2021 have been referred to its Enforcement Division for further consideration. This matter remains ongoing and has not yet reached any conclusion. The Authority’s Enforcement Division continues to receive the full cooperation of RBSI in relation to its enquiries. To ensure fairness to all stakeholders, the Authority will make no further comment until its investigation has concluded.’