A cease-and-desist order disclosed last month against Scotland's largest bank points to compliance troubles that are more widespread than those outlined in a 2010 settlement that cost the institution $500 million, say industry insiders. The U.S. Federal Reserve ordered the Royal Bank of Scotland (RBS) in the July 26 enforcement action to remedy anti-money laundering (AML) and sanctions deficiencies at all of its U.S. branches, including former ABN Amro branches in New York, Connecticut and Illinois. The bank must improve its training, customer due diligence, transaction monitoring and suspicious activity reporting, under the order. The problems highlighted in the latest...
A U.K. fine against a London-based private banking subsidiary of the Royal Bank of Scotland underscores the risks financial institutions take when they allow their account managers to vet valued clients, say compliance officials.
The private bank that serves Britain's Queen Elizabeth II and other wealthy individuals was fined 8.75 million pounds sterling by the United Kingdom's bank regulator for anti-money laundering deficiencies.
The Federal Reserve issues a cease-and-desist order against Royal Bank of Scotland for AML violations, the Federal Deposit Insurance Corp. hands out three AML-related enforcement actions, and more, in this week's roundup.
The United Kingdom's chief financial regulator fined Royal Bank of Scotland nearly USD $9 million on Tuesday, the agency's largest penalty ever for anti-money laundering and sanctions compliance failures.
A Milwaukee-based company sues American Express for failing to block illegal transactions and Royal Bank of Scotland discloses that the U.K. Financial Services Authority is investigating it, in this week's news roundup.