Weekly Roundup: Fed Dings RBS for AML Infractions, ING Probe May Mean Hundreds of Millions in Fines, and More

The Federal Reserve joined the pile on against Edinburgh-based Royal Bank of Scotland (RBS) Wednesday after it disclosed a cease-and-desist order for inadequate anti-money laundering (AML) policies and procedures. Under the order, the bank's Chicago and New York branches have 60 days to strengthen board and senior management oversight and submit a written plan to beef up Bank Secrecy Act (BSA) risk management systems. The bank was also ordered to improve BSA risk assessments and Office of Foreign Assets Control monitoring. More The bank paid USD $9 million to the U.K.'s chief financial regulator in August More and $500 million...