U.S. regulators reach settlement with RBS over sanction breaches

U.S. Treasury Department announced Wednesday that it reached an agreement of 33 million dollars with the Royal Bank of Scotland (RBS) over sanction violations, as part of a combined 100-million-dollar settlement between the British bank and U.S. financial regulators.

The Treasury's Office of Foreign Assets Control (OFAC) said the settlement resolves its investigation into RBS' violations of U.S. sanctions relating to Iran, Sudan, Myanmar and Cuba.

The alleged violations took place from 2005 to 2009, when RBS engaged in payment practices that interfered with the implementation of U.S. economic sanctions against these countries, including removing references to the sanctioned locations from payment messages sent to the U.S. financial institutions, according to the Treasury.

The other two agencies RBS had entered into agreement with are the U.S. Federal Reserve and the New York State Department of Financial Services.