Royal Bank of Scotland paying $100M to settle US, NY state claims of sanction violations

WASHINGTON – Royal Bank of Scotland has agreed to pay $100 million to settle claims by U.S. and New York state regulators that it violated U.S. sanctions against Iran and other countries.

The Treasury Department, the Federal Reserve and the office of New York Gov. Andrew Cuomo announced the settlement Wednesday with the British bank.

It covers alleged violations of U.S. sanctions against Iran, Sudan, Burma and Cuba from 2005 to 2009. The regulators said RBS channeled about $523 million in transactions to other banks for clients from those countries and concealed the clients’ identities in the paperwork.

RBS said in a statement it co-operated with the investigation and “deeply regrets these failings.”

RBS is paying $50 million to the Fed and $50 million to New York state.