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RBS hit with $133m penalty for flouting U.S. sanctions

12 December 2013  |  1302 views  |  0 Source: The Federal Reserve Board

The Federal Reserve Board on Wednesday issued a consent order to cease and desist and a civil money penalty assessment of $50 million against the Royal Bank of Scotland Group plc (RBS Group) and the Royal Bank of Scotland plc (RBS plc), both of Edinburgh, Scotland.

The order and penalty address unsafe and unsound practices related to insufficient oversight by RBS Group and RBS plc of its U.S. dollar clearing practices and economic sanctions compliance programs. These practices involved transactions that included funds transmissions with entities and individuals subject to U.S. sanctions regulations regarding Burma, Cuba, and Iran. Under the cease and desist order, RBS Group and RBS plc must improve their programs for compliance with U.S. economic sanctions. The United Kingdom's Financial Conduct Authority, the home country supervisor of RBS Group and RBS plc, has agreed to assist the Federal Reserve in the supervision of the cease and desist order.

In separate actions, the New York State Department of Financial Services announced a settlement of $50 million with RBS plc. The U.S. Department of Treasury's Office of Foreign Assets Control announced a settlement of $33 million, which is deemed satisfied by the civil money penalty announced by the Federal Reserve.

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