Iran Economy NewsUS fines RBS $133 mn for violating Iran sanctions

US fines RBS $133 mn for violating Iran sanctions

-

AFP: US authorities announced fines totalling $133 million against Royal Bank of Scotland Monday for violating US sanctions regimes on Iran, Myanmar, Sudan and Cuba.

 

Washington (AFP) — US authorities announced fines totalling $133 million against Royal Bank of Scotland Monday for violating US sanctions regimes on Iran, Myanmar, Sudan and Cuba.

The US Treasury said the bank had systematically tried to hide payments involving Iranian clients between 2005 and 2009, breaking Washington’s prohibitions on deals with Iranian financial institutions.

RBS had stripped off references to the Iranian institutions from payment messages so that US clearing banks were not aware of the parties involved.

The Treasury said that RBS did the same with payments involving the three other countries, in violation of US sanctions at the time.

Fines of $50 million each were applied by the Federal Reserve and New York state’s financial regulator, and $33 million by the Treasury.

But RBS will only pay $100 million, as the Treasury said its part “will be deemed satisfied” by the payment of the Fed portion.

“This action demonstrates our continuing efforts to aggressively enforce US sanctions laws against Iran and other sanctioned parties,” said Adam Szubin, director of the Treasury’s Office of Foreign Assets Control.

RBS agreed to implement procedures to prevent a recurrence of the problem, and dismissed a number of employees involved, the authorities said.

Latest news

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Iran Revolution Characteristics

More than two months have passed since the start of the latest round of protests in Iran against the...

Iran’s Regime Is Unable To Eradicate Protests

Totalitarian governments, whether be it a monarchy or a clerical regime, and their international supporters are pursuing the same...

Must read

U.S. seeks talking over war with Iran

Reuters: With just six months left in office, the...

Iran Freedom Committee: UN Security Council must consider Iran’s rights violations

PoliticsHome: More than 110 members of both Houses of Parliament...

You might also likeRELATED
Recommended to you