ROYAL BANK of Scotland has agreed to pay $100 million (£61m) in fines to settle sanctions-busting allegations with American authorities.
They centre on the transfer of funds linked to countries including Burma, Cuba, Iran and Sudan during a four-year period between 2005 and 2009.
RBS staff are said to have “acted to conceal the identity of sanctioned clients by various means” including stripping out data from payment messages, according to a statement by the New York state Department of Financial Services (DFS).
The state-backed bank has sacked four employees including its head of global banking services for Asia, the Middle East and Africa and its head of money laundering prevention unit for corporate markets.
