December 11, 2013
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.
