Group told it is in breach of an agreement not to prosecute due to illicit transactions by former traders
US prosecutors have told NatWest Group that it is in breach of an agreement not to prosecute as a result of allegedly illicit transactions carried out by a group of former traders.
The breach could expose the Edinburgh-based bank’s US trading arm — NatWest Markets Securities — to criminal prosecution and other regulatory action that could have “material collateral consequences,” the September 3 filing notes. The UK bank, formerly known as Royal Bank of Scotland, is majority-owned by the British state after a bailout during the financial crisis.
Amy Cayzer, a spokesperson for NatWest in London, declined to comment. Spokespeople for the US Attorney’s office in Connecticut and the Department of Justice declined to comment. The bank, which reports third-quarter results on Friday, outlined the case of suspected spoofing in its 2019 annual report. The alleged trading took place in 2018, according to the report, and the spoofing investigation has resulted in repeated extensions of the NPA as the lender and prosecutors discuss any impact on the deal.
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