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唐朱昌
教授，博士生导师。复旦大学中国反洗钱研究中心首任主任，复旦大学俄...

严立新
复旦大学国际金融学院教授，中国反洗钱研究中心执行主任，陆家嘴金...

陈浩然
复旦大学法学院教授、博士生导师；复旦大学国际刑法研究中心主任。...

何　萍
华东政法大学刑法学教授，复旦大学中国反洗钱研究中心特聘研究员，荷...

李小杰
安永金融服务风险管理、咨询总监，曾任蚂蚁金服反洗钱总监，复旦大学...

周锦贤
周锦贤先生，香港人，广州暨南大学法律学士，复旦大学中国反洗钱研究中...

童文俊
高级经济师，复旦大学金融学博士，复旦大学经济学博士后。现供职于中...

汤　俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...

李　刚
生辰：1977.7.26 籍贯：辽宁抚顺民族：汉党派：九三学社职称：教授研究...

祝亚雄
祝亚雄，1974年生，浙江衢州人。浙江师范大学经济与管理学院副教授，博...

顾卿华
复旦大学中国反洗钱研究中心特聘研究员；现任安永管理咨询服务合伙...

张平
工作履历：曾在国家审计署从事审计工作，是国家第一批政府审计师；曾在...

上传时间： 2013-12-15 浏览次数：660次

Money Laundering Costs RBS $100M

关键字：money laundering

Sun, Dec 15, 2013

http://www.zacks.com/stock/news/116878/money-laundering-costs-rbs-100m

The Royal Bank of Scotland Group plc reached a settlement with the U.S. law enforcement authorities in the money laundering case and agreed to pay a penalty for it. The company will pay a compensation of $100 million and take suitable measures to avoid such issues, going forward.

As a matter of fact, Royal Bank of Scotland was accused of substantial lapses related to its compliance with anti-money laundering norms. The company was allegedly involved in misappropriating funds through the U.S. financial system to countries under the sanctioned list of the United States, which includes Iran, Sudan, Burma and Cuba.

From the period between 2002 to 2011, Royal Bank of Scotland failed to disclose information about the identities of the sanctioned countries in almost 3,500 dealings worth roughly $523 million. The company was accused of listing the actual names of the banks in sanctioned countries, instead of their identification codes. This prevented the payment system from automatically including the name of the sanctioned country in messages sent to the U.S. clearing banks.

The U.S. is coming down hard on banks who have concealed information regarding transactions involving clients in the sanctioned nations. The settlement with Royal Bank of Scotland demonstrates the efforts of the U.S. regulators to terminate illegal cash flow through its financial system.

Many major banks have already paid penalties to the U.S. regulators related to money laundering. Earlier in June, Mitsubishi UFJ Financial Group, Inc. paid $250 million concerning misappropriation of capital. Similarly, in December last year, HSBC Holdings plc paid $1.9 billion for substantial lapses in its anti-money laundering compliance.

Moreover, in Aug 2012, the New York State Department of Financial Services reached a $340 million settlement with Standard Chartered plc for its involvement in money laundering in Iran. Further, in the same year, the U.S. government held Netherlands-based ING Groep NV responsible for transferring billions of dollars through the American financial system to nations that were economically restricted by the U.S. As a result, ING bank had to pay $619 million as penalty.

Royal Bank of Scotland currently carries a Zacks Rank.