The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") today announced a $33 million agreement with Royal Bank of Scotland plc ("RBS") to settle the bank's potential civil liability for apparent violations of U.S. sanctions. Today's settlement resolves OFAC's investigation into payment practices used by RBS that interfered with the implementation of U.S. economic sanctions by financial institutions in the United States and resulted in apparent violations of the Iranian Transactions Regulations, 31 C.F.R. part 560; the Sudanese Sanctions Regulations, 31 C.F.R. part 538; the Burmese Sanctions Regulations, 31 C.F.R. part 537; and the Cuban Assets Control Regulations, 31 C.F.R. part 515. RBS' settlement with OFAC is simultaneous with the bank's settlements with the Board of Governors of the Federal Reserve System and the New York State Department of Financial Services.
For more information on this action, please visit the following web notice or visit the following link for Treasury's press release on this topic.