RBS agrees to pay $100 million for sanction violations

Regulators allege it failed to report critical information on transactions with foreign nations

Royal Bank of Scotland Group has agreed to pay $100 million to New York State and Federal regulators for reputedly failing to adhere to sanction programs between 2002 and 2011. The settlement will close probes pending from the New York Department of Financial Services, The U.S. Treasury Department’s Office of Foreign Assets Control and the Federal Reserve.

The probes began following allegations that RBS failed to provide information about transactions from parties in Iran, Sudan, Burma and Cuba. There were roughly 3,500 transactions, valued at $523 million. That did not meet the disclosure requirements of the sanctions.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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