...October 7, 2021 LONDON (S&P Global Ratings) Oct. 7, 2021--S&P Global Ratings said today that NatWest Group plc (###/Stable/A-2) has sufficient headroom to absorb the likely fine resulting from its guilty plea to criminal charges under U.K. money laundering law. We also expect that NatWest's franchise and daily business activities will not be materially affected. The case indicates failures in the bank's controls, but we take into account that the charges relate to weaknesses in monitoring a single customer's deposit accounts in 2012-2016. Like peers, NatWest continues to invest significantly in strengthening its anti-financial crime (AFC) control framework. NatWest announced that its subsidiary National Westminster Bank Plc (A/Stable/A-1) today pleaded guilty to three money laundering offences. It was the first criminal prosecution brought by the Financial Conduct Authority (FCA) under U.K. money laundering law, which confirms regulators' increased focus on AFC controls. The FCA is not...
