RBS fined £61m by US for Iran sanction breach

Aaron Strutt Image

The Royal Bank of Scotland has agreed to pay a £61 million ($100m) fine to US regulators following an investigation into sanction violations against Iran, Sudan, Burma and Cuba.

The fine relates to transactions made between 2005 and 2009 in contravention of the economic sanctions imposed.  According to reports, RBS staff tried to hide the identity of clients when transferring around £21m around the world.

December 13, 2013

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