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RBS fined $100m for breaching US sanctions

by Daniel Grote on Dec 12, 2013 at 08:11

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’.

1 comment so far. Why not have your say?

Paul Renken

Dec 12, 2013 at 10:09

the bad banking events just don't end. Dirt, dirt and more dirt during the 'go-go' days. Where are the board level and department level individual fines on those dramatic pay packages?

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