The Royal Bank of Scotland Plc will pay federal and state regulators $100 million to settle charges that it knowingly violated U.S. economic sanctions against Cuba, Myanmar, Sudan and Iran. As part of a global settlement, the Edinburgh-based bank will pay the Federal Reserve and the New York State Department of Financial Services (NYSDFS) each $50 million. The former monetary penalty will satisfy a separate $33 million fine imposed by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), the sanctions agency said. The regulators accused RBS managers of intentionally permitting, and knowingly advocating for, the processing of more...
Although headline-grabbing settlements north of $1 billion have become the new normal for depository institutions operating in the United States, how those deals are impacting bank behavior is still unclear, at least for now, according to Brandon Garrett.
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.
Prosecutors are seeking nearly $300 million in penalties, charging that the two foreign-based banks helped to launder the proceeds of a massive securities fraud involving shares of software maker AremisSoft.