Royal Bank of Scotland will pay $100m to settle U.S. and New York regulators’ accusations that it violated sanctions programs targeting Iran, Sudan, Burma and Cuba.
Bloomberg reports that RBS, from 2002 to 2011, hid or failed to disclose information about the identities of sanctioned parties in 3,500 transactions valued at approximately $523m, the New York Department of Financial Services said yesterday in a statement.
The U.S. Treasury Department’s Office of Foreign Assets Control and the Federal Reserve also were part of the settlement.
RBS 'deeply regrets' its oversight failures and pledges to strengthen compliance controls, the bank said in a separate statement.
The U.S. is cracking down on banks whose employees or executives concealed information about transactions involving parties in sanctioned nations. Mitsubishi UFJ Financial, HSBC, Standard Chartered and ING Bank NV also have settled allegations that they failed to give the U.S. details of financial transactions related to Iran.
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image: © Elliot Brown