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RBS under investigation by US authorities

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Royal Bank of Scotland is under investigation by US authorities over potential breaches of sanctions against Iran.

According to reports, the US Federal Reserve and the Department of Justice are both scrutinising the bank after it provided information to them and the UK regulator.

RBS would not comment on the nature of the alleged failings or the investigation. However, the group has said – as part of its half-year results earlier this month – that it is conducting a “review of its policies, procedures and practices” around the processing of dollar payments outside the US.

RBS is also in discussions with UK and US authorities over historical compliance, this includes US economic sanctions.

The news comes only a week after Standard Chartered agreed to pay a £217m fine to the US regulator over alleged money laundering to Iran.

Standard Chartered’s shares dropped as much as 24 per cent at one stage last week after the New York State Department of Financial Services accused the bank of hiding £160bn in transactions linked to Iran, which violates US law. The bank had been threatened that its US banking licence may be revoked.

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