Royal Bank of Scotland (RBS) has agreed to pay US regulators US$100 million for violating US sanctions against Iran, Sudan, Burma, and Cuba.
The bank, which is 80% owned by the British government, has entered into agreements with the US Federal Reserve, the US Treasury Department and the New York State Department of Financial Services.
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The settlement follows from a 2010 internal investigation by RBS into its historical US dollar payment processes and controls.
The violations took place between 2005-09, the US Treasury said.
RBS said in a statement it has cooperated fully with the regulators in their investigation "and deeply regrets these failings."
RBS will pay US$50 million to the Fed and US$50 million to New York state. A $33 million Treasury penalty was covered by the Fed payment.
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By GlobalDataThe bank also said it committed almost £300 million (US$492 million) since 2010 to improve its sanctions controls.
Several UK banks have entered into settlements in recent years over continuing financial transactions with Iran despite US laws against them, and for removing information from payments to get them processed.
