Royal Bank of Scotland Group plc, Commerzbank AG Drawn Into U.S. Iran Money Probe-Reuters


Wednesday, 22 Aug 2012 08:57pm EDT 

Reuters reported that U.S. authorities are investigating Royal Bank of Scotland Group plc and Commerzbank AG over possible breaches of sanctions on Iran, in a widening crackdown which has already cost Standard Chartered PLC a hefty fine. These said RBS had initiated talks with U.S. and British authorities on whether it complied with economic sanctions on Iran, and that it could face a material impact from the investigation. The inquiry raises the possibility of a substantial punishment for the part-nationalised British bank, which is also being investigated for its involvement in the Libor rate rigging scandal.