British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest for failing to prevent the laundering of nearly £4oom ($551.28m), after the lender pled guilty earlier this month.
The bank on Oct. 7 admitted three criminal charges of not adequately monitoring customer accounts between 2012 and 2016, the first time a bank in Britain acknowledged it committed a criminal offense of this kind.
“There are questions which remain to be answered, most notably why it has taken five years after the police raid in 2016 to bring this case to a successful conclusion,” Mel Stride, chair of the cross-party Treasury Select Committee, said in a letter to the FCA published on Wednesday.
“We’ve received the letter and will be responding shortly,” a spokesperson for the FCA said.
Stride said the committee is also looking into why no individual NatWest staff were prosecuted.
This article was originally posted on reuters.com