RBS Fined $100M For Busting U.S. Sanctions In Iran and Elsewhere

December 11, 2013

Author: 

Jill Treanor

Publication: 

The Guardian

Related Country: 

  • United Kingdom

Royal Bank of Scotland (RBS) has been fined $100 million for violating international sanctions against Iran and other countries by removing codes that would have identified payments involving those destinations. RBS reached the settlement with New York State’s Department of Financial Services, the Federal Reserve, and the Treasury Department. Regulators in New York alleged that the bank facilitated over 3,500 transactions, totaling as much as $500 million, between 2002 and 2011.