The bank was fined $100 million Wednesday for violating the U.S. sanctions. It had given its U.K. employees step-by-step instructions on how to keep transactions from being detected for sanctions violations.
STEVE INSKEEP, HOST:
NPR's business news starts with a bank writing another big check.
(SOUNDBITE OF MUSIC)
INSKEEP: The Royal Bank of Scotland was fined $100 million yesterday for violating American sanctions on Iran and Cuba. The bank had given its U.K. employees step-by-step instructions on how to keep transactions from being detected for sanctions violations.
Last year, the London-based banks Standard Chartered and HSBC also received fines for breaking U.S. sanctions.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.