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Scotland's Royal Bank Fined For Violating Iran, Cuba Sanctions

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Scotland's Royal Bank Fined For Violating Iran, Cuba Sanctions

Business

Scotland's Royal Bank Fined For Violating Iran, Cuba Sanctions

Scotland's Royal Bank Fined For Violating Iran, Cuba Sanctions

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  • <iframe src="https://www.npr.org/player/embed/250395159/250395152" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

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.

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