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.
A Dutch bank has agreed to pay $619 million to settle claims that it intentionally helped move more than $2 billion through the U.S. financial system in violation of sanctions against Cuba and Iran
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.
The Royal Bank of Scotland will pay the United States $500 million over Bank Secrecy Act and sanctions violations committed by the now defunct ABN Amro, U.S. officials said Monday.
The United Kingdom's chief financial regulator is investigating the Royal Bank of Scotland Group for potential compliance violations of U.K. anti-money laundering rules, the bank disclosed Wednesday.
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.