RBS agrees to pay US$100 mil. to settle claims of sanction violations
December 13, 2013, 12:13 am TWN
WASHINGTON -- Royal Bank of Scotland has agreed to pay US$100 million to settle claims by U.S. and New York state regulators that it violated U.S. sanctions against Iran and other countries.
The Treasury Department, the Federal Reserve and the office of New York Gov. Andrew Cuomo announced the settlement Wednesday with the bank, which is 80 percent owned by the British government.
It covers alleged violations of U.S. sanctions against Iran, Sudan, Burma and Cuba from 2005 to 2009. The regulators said RBS channeled about US$523 million in transactions to other banks for clients from those countries and concealed the clients' identities in the paperwork.