Provider: Zacks Investment Research Inc.
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Royal Bank of Scotland Group PLC reaches settlement with US authorities regarding OFAC compliance
Royal Bank of Scotland Group PLC:Says the company and the Royal Bank of Scotland plc (RBS plc) have reached a settlement with the Board of Governors of the Federal Reserve System (Fed), the New York State Department of Financial Services (DFS), and the Office of Foreign Assets Control (OFAC).Says with respect to RBS plc's historical compliance with US economic sanction regulations outside the United States.Says in settlement with the above Authorities, RBS plc has agreed to pay $100 million (62 million british pounds) in total, with $50 million to the Fed, of which $33 million is deemed to satisfy the OFAC penalty, and $50 million to DFS.
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