More trouble as RBS is fined $100m for breaking US sanctions

The Royal Bank of Scotland has been fined by US regulators after allegations it violated sanctions prohibiting business dealings with Iran and other regimes.

by Elizabeth Anderson

A day after its finance director unexpectedly quit, RBS has been dealt another blow by being hit with a $100m (£62m) fine for breaching US sanctions with Iran, Burma, Cuba and other countries.

The 82% taxpayer-owned bank was found to have removed data when making payments that could have identified it was moving money to countries subject to international sanctions.

RBS instructed employees to list the name of a financial institution rather than its identifying codes on wire transfers, the Treasury Department said. This stopped the bank's payment system from automatically including references to Iran in the cover messages sent to US clearing banks.

From at least 2002 to 2011, the regulator said that more than 3,500 transactions involving Iranian and Sudanese entities passed through New York banks with a value of around $523m.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here


Call: 020 8267 8121



  • Up to 3 free articles every 90 days
  • Free email bulletins

Register Now

Take a free trial

Get 30 days unrestricted access to:

  • All the latest news, trends, and developments.
  • Exclusive interviews with CEOs and thought-leaders
  • MT Classroom - giving you an academic grounding without expensive courses
  • Management Matters and other in-depth content.
  • Daily bulletins straight to your inbox

Take a free trial today