MercoPress. South Atlantic News Agency
Another UK bank fined for ignoring rules and working with black-listed countries
Royal Bank of Scotland has been fined 100 million dollars by US regulators for violating US sanctions against Iran, Sudan, Burma, and Cuba. The settlement follows from a 2010 internal investigation by RBS into its historical US dollar payment processes and controls. The violations took place between 2005-09, the US Treasury said.
In a statement, RBS said it “acknowledges and deeply regrets these failings”. Read full article
Comments
Disclaimer & comment rulesLol - I bank with both HSBC, and RBS.
Dec 13th, 2013 - 12:45 pm - Link - Report abuse 0Those crooked buggers do provide a good customer service though.......
@ 1
Dec 13th, 2013 - 02:50 pm - Link - Report abuse 0It took place in 2005 – 2009 and RBS found the problem themselves in 2010 and reported it to the authorities, hence the fine.
Great heh? You make mistakes, find them, admit to them, fix the system and the Yank “Regulators” FINE THEM FFS!
These same regulators were in place when all the Yank Banks were running like the Red Legs in Tombstone.
I was with NatWest when RBS took them over and things have improved dramatically since.
Headline should really read...
Dec 13th, 2013 - 03:23 pm - Link - Report abuse 0....................US Regulators Fine UK Taxpayers 100M...
As 81% of shares are owned by UK Government...taxpayers...
I hope the US 'regulators' will be fining the Russians and the Chinese for their violating of US sanctions against Iran, Sudan, Burma, and Cuba.
Dec 13th, 2013 - 06:33 pm - Link - Report abuse 0I believe that the Russians and Chinese should also “acknowledge and deeply regret their failings”. [North Korea has today shown the way of dealing with these backsliders - death by machine gun.]
Perhaps the first move will be for the US 'regulators' to demand that the guilty Russians and Chinese should step forward to receive their just punishment.
I guess, as most of these RU & CH companies are 'state-controlled enterprises', that we should be expecting the head-honchos to step forward ... that would be Putin and Jia Qinglin.
Wow, things are getting interesting!
Those US 'regulators' certainly have big balls!
@ 4 GeoffWard2
Dec 13th, 2013 - 07:24 pm - Link - Report abuse 0Especially when they are told what has gone on by the people who have done it!
You really couldn't make this up.
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