Scottish bank suspected of violating Iran sanctions

Scottish bank suspected of violating Iran sanctions

US investigating Royal Bank of Scotland for possible breach

(Royal Bank of Scotland  via Shutterstock)
(Royal Bank of Scotland via Shutterstock)

LONDON (AP) — US officials are investigating possible violations of sanctions against Iran by Royal Bank of Scotland, Britain’s Financial Times reported.

The bank declined to comment on Wednesday’s report except to repeat previous disclosures that it is in contact with US and British authorities “to discuss its historical compliance with applicable laws and regulations, including US economic sanctions regulations.”

The Financial Times says the US Department of Justice and the Federal Reserve investigations were prompted by voluntary disclosures made by the bank about 18 months ago.

Two years ago, Royal Bank of Scotland was fined $500 million by US regulators for money-laundering activities by the Dutch bank ABN Amro, which was taken over in 2007 by a consortium led by RBS.

British bank Standard Chartered recently agreed to pay a $340 million settlement following allegations from new York regulators that it conspired with Iran to launder money from 2001-2007.

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