NatWest faces £340m fine after pleading guilty to money laundering failures

National Westminster Bank Plc (NatWest) has entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007). The court heard around £356m, £264m in cash, from one Bradford-based business customer was deposited in its NatWest account over a five-year period. The…

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Business failures predicted to spike at 33%

UK business insolvencies are set to rise 33% on pre-pandemic levels, according to new economic research by trade credit insurer Atradius. Contrary to initial expectations, the new Insolvency Forecast reports UK business insolvencies declined 27% in 2020 as a result of fiscal support schemes and anti-bankruptcy measures. As these measures continued in 2021, buffering businesses from…

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Three in ten companies will employ fewer people as National Insurance increases

8th October 2021 Consumer Collections |

Three in ten companies will employ fewer people as a result of National Insurance increases according to new research by the Institute of Directors (IoD). Following the announcement on 7th September that the Government is to introduce a new Health and Social Care Levy, to be funded through higher rates of tax levied on National Insurance contributions and dividend payouts, 31% of IoD members expect this to result…

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Digital transformation curtailed by inadequate technology skills

8th October 2021 Commercial Credit Management |

Data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity. This is the overall feeling amongst up to two-thirds of technical decision makers, surveyed for a new report from Encompass Corporation. The report, conducted via independent polling agency, Pulse,…

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Late payments at highest rate since March

New analysis by Sidetrade has found that the percentage of late payments by UK companies hit a six month high in September, following a steady decline since March this year. The research revealed that the proportion of invoices left unpaid*by UK businesses rose for the first time in September since March 2021, according to its…

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