LONDON – State-backed bank NatWest (NWG.L) is to pay 265 million pounds ($351.13 million) in fines, after pleading guilty to failing to prevent the laundering of nearly 400 million pounds, Reuters reports.

The fine, issued as a sentence on Monday, caps a landmark case in which NatWest became the first bank to be criminally prosecuted in Britain for an offence of this kind.

The headline fine of 365 million pounds was deducted as a result of the lender's guilty plea. – Agencies