RBS fined $100m for busting US sanctions in Iran and elsewhere

[Eugene]

Source: The Guardian

RBS fined $100m for busting US sanctions in Iran and elsewhere

Jill Treanor
The Guardian, Wednesday 11 December 2013 20.55 GMT

Royal Bank of Scotland has become mired in fresh controversy after being fined $100m (£60m) for breaching sanctions with Iran, Burma, Cuba and other countries.

The 81% taxpayer-owned bank received the penalty after being found to have stripped out codes used in international payments systems that could have identified it was moving money for countries subject to sanctions.

RBS said it "deeply regrets" busting sanctions through a series of transactions that date back to when Fred Goodwin was running the Edinburgh-based bank.

The problems were uncovered by his successor, Stephen Hester, who left in September, during a review of the risks facing the bank shortly after its £45bn taxpayer bailout in 2008.

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Read more: http://www.theguardian.com/business/2013/dec/11/rbs-fined-sanctions-busting-us-iran

[Scuba]

1. That's not enough.

Maybe $100 billion and 30 year jail sentences would appease me. Or not.