RBS investigated over possible Iran sanctions violations –FT
Source: The Guardian
US authorities are investigating Royal Bank of Scotland for possible violations of sanctions with Iran, the Financial Times reports.
The Federal Reserve and department of justice are conducting the investigation, the paper said, citing several people close to the situation. The investigation comes after the British bank volunteered information to US and UK regulators 18 months ago, the Financial Times said.
Ed Canaday, a spokesman for RBS, declined comment.
But in its quarterly report filed on 8 August, RBS said it had "initiated discussions with UK and US authorities to discuss its historical compliance with applicable laws and regulations, including US economic sanctions regulations". The bank said it could not predict the outcome of those discussions.
Read more: http://www.guardian.co.uk/business/2012/aug/22/rbs-investigated-iran-sanctions-violations
