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