RBS fined $100m for violating US sanctions

Royal Bank of Scotland Group is to pay $100 million (£61 million) in fines to settle an investigation by US authorities into whether the bank violated sanctions laws against Iran, Sudan, Burma and Cuba.

RBS sacked four staff during sanctions-busting inquiry

RBS has been fined $100m (£61m) Credit: PA

The US authorities' investigation into RBS centred on the transfer of funds linked to countries including Burma, Cuba, Iran, Sudan and Libya between 2005 and 2009.

RBS, which is 80% owned by British taxpayers, has sacked four employees including its head of global banking services for Asia, the Middle East and Africa and its head of money laundering prevention unit for corporate markets since the inquiry was launched in 2010.

Other staff were subject to the misconduct probe, but remain with the group.

RBS to pay $100m (£61m) in US sanctions probe

Royal Bank of Scotland Group will pay $100 million (£61 million) to resolve US investigations into whether the bank violated sanctions laws against Iran, Sudan, Burma and Cuba, US authorities said.

ITV News Business Editor Laura Kuenssberg says:

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And so it continues... RBS agrees to pay a 100 m dollar fines in US sanctions probe.....

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Reuters says RBS fined over sanctions relating to Iran, Burma, Sudan and Cuba

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RBS says fine relates to controls on dollar payments in the UK that it flagged to American authorities in 2010

The bank entered into agreements with the US Federal Reserve, the US Treasury Department and the New York State Department of Financial Services, Reuters reported.

Read: Lloyds fined record £28 million over bonuses

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