RBS fined $100m by US for Iran sanction violations

clock

Royal Bank of Scotland has been fined $100m (£61m) by US regulators for violating US sanctions against Iran, Sudan, Burma, and Cuba.

The settlement follows from a 2010 internal investigation by RBS into its historical US dollar payment processes and controls, according to the BBC. The violations took place between 2005-09, the US Treasury said. In a statement, RBS said it "acknowledges and deeply regrets these failings". RBS found that bank procedures removed location information on payments made to US financial institutions from countries such as Iran and Cuba. According to the New York Division of Financial Services, RBS employees in the UK "received written instructions containing a step-by-step guide on h...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Equities

Spring Statement 25: Government looking at options to tackle Cash ISA 'hoarding' concerns

Spring Statement 25: Government looking at options to tackle Cash ISA 'hoarding' concerns

"Strike the right balance"

Jenna Brown
clock 26 March 2025 • 3 min read
Partner Insight: New growth equities content portal

Partner Insight: New growth equities content portal

Access perspectives on enduring growth equities

Sarka Halas
clock 24 March 2025 • 2 min read
Partner Insight: Beyond the obvious - Where to find quality stocks

Partner Insight: Beyond the obvious - Where to find quality stocks

Columbia Threadneedle Investments
clock 24 March 2025 • 2 min read
Trustpilot