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Fed Order Pointed to ‘Much Broader’ Compliance Problems at RBS: Sources
By Brian Monroe
printA 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...
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