Is RBS on the fringe of another big fine?

Well before Standard Chartered was whacked by a high profile investigation into busting US sanctions over Iran, ABN-AMRO, the banking giant bought by RBS was hit with a $500 million fine for doing more or less the same thing.

So it is no surprise that RBS itself is also in the spotlight over possible infringements of sanctions. In fact, it was about 18 months ago that the bank revealed that they had passed information to regulators - they are dealing with the US Department of Justice, the Federal Reserve, and the FSA here in the UK.

RBS: Still paying for the mistakes of the past Credit: PA

As part of the clean up of the bank they say they discovered evidence of dodgy 'deal practices' and informed the regulators - telling them of the potential problems before the authorities came knocking at their door. Sources at the bank suggest RBS' dealings with Iran were on a much smaller scale than the amount of business that Standard Chartered was doing.

Nevertheless, although it doesn't appear imminent, the bank that taxpayers own is likely to be hit with a fine for busting sanctions. That's on top of a likely whopping punishment for rigging market rates, Libor, like Barclays. Although the banking sector as a whole wants to look to the future, they're still paying dear for the mistakes of the past.