UK bank NatWest faces fine over money laundering failures

LONDON (AP) — British bank NatWest faces a potentially hefty fine after admitting to three charges relating to anti-money laundering failures. The case, which was heard at Westminster Magistrates’ Court Thursday, related to 365 million pounds ($495 million) deposited into the account of century-old jeweler Fowler Oldfield between 2012 and 2016. Fowler Oldfield was based in the north England city of Bradford, before it was shut down following a police raid in 2016.  NatWest, which is majority owned by the British government and formerly known as Royal Bank of Scotland, apologized for its failures but insisted it was putting measures in place to avoid a repeat.