Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

RBS fined $100m for breaching US sanctions

1 Comment
RBS fined $100m for breaching US sanctions

US regulators have fined the Royal Bank of Scotland (RBS) $100 million (£61 million) for violating US sanctions against Iran, Sudan, Burma and Cuba.

The violations took place between 2005 and 2009, according to the US Treasury. An internal investigation conducted by RBS in 2010 found that ban procedures removed location information on payments made to US financial institutions from countries such as Iran and Cuba.

More than 3,500 transactions totalling $523 million were made through New York banks in violation of US sanctions.

The bank has entered into the settlement agreement with the US Federal Reserve, Treasury Department and New York State Department of Financial Services.

In a statement, RBS said it ‘acknowledges and deeply regrets these failings’.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter