BREAKING NEWS

RBS probed over possible Iran sanctions violations

By REUTERS

AUGUST 22, 2012 15:11

LONDON - US authorities are investigating Royal Bank of Scotland over possible breaches of sanctions on Iran, as part of a crackdown in which Standard Chartered has already agreed to pay a heavy fine for transactions involving Tehran.

An RBS spokeswoman referred on Wednesday to disclosures alongside the bank's half-year results earlier this month. These stated that RBS had initiated talks with US and UK 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 hefty fine for the part-nationalized British bank, which is also being investigated for its involvement in the Libor rate rigging scandal, and will raise the pressure on Chief Executive Stephen Hester.

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