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Royal Bank of Scotland to Settle for $100 Million

 

 

Violating sanctions programs targeting Iran, Sudan, Burma and Cuba, Royal Bank of Scotland Group Plc will pay $100 million to resolve U.S. probes into the bank’s dealings. Between 2005 and 2009, the bank processed around $34 million in wire transfers that violated sanctions against Sudan, Iran, Cuba and Myanmar, the Treasury Department said, adding that $32 million of that amount came from Sudan. The U.S. 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.

 



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Bloomberg reported that Royal Bank of Scotland, from 2002 to 2011, hid or failed to disclose information about the identities of sanctioned parties in 3,500 transactions valued at approximately $523 million, the New York Department of Financial Services stated.

Royal Bank of Scotland has entered into agreements with the U.S. Federal Reserve, the U.S. Treasury Department and the New York State Department of Financial Services. According to Fox Business, from 2005 to 2009, the bank removed references to sanctioned locations from payment messages to U.S. financial institutions, the Treasury Department said.

 

Several UK banks have entered into settlements in recent years over continuing financial transactions with Iran despite U.S. laws against them, and for removing information from payments to get them processed in the United States.

 

In a statement, the bank said it “acknowledges and deeply regrets these failings.” The bank also said it committed almost 300 million pounds ($490 million) since 2010 to improve its sanctions controls.

 

Image Credit: Fox Business

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Jaan Posted by on December 12, 2013. Filed under Home,Legal News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.