U.S. probes Royal Bank of Scotland for violations of Iran sanctionsAugust 22, 2012 - 19:41 AMT PanARMENIAN.Net - The U.S. authorities are investigating Royal Bank of Scotland for possible violations of sanctions with Iran, according to a report in the Financial Times. Citing several people close to the situation, the FT said that the Federal Reserve and department of justice are conducting the investigation. The investigation comes after the British bank volunteered information to U.S. and UK regulators 18 months ago, the paper said. Ed Canaday, a spokesman for RBS, declined comment. But in its quarterly report filed on 8 August, RBS said it had "initiated discussions with UK and U.S. authorities to discuss its historical compliance with applicable laws and regulations, including U.S. economic sanctions regulations". The bank said it could not predict the outcome of those discussions. RBS made a similar disclosure to investors 18 months ago. A spokesman for the Federal Reserve said it could not "comment on supervisory matters pertaining to individual institutions". A representative at the justice department did not respond to a request for comment. The report of the investigations into RBS followed last week's $340m (£215m) settlement by Standard Chartered. The British bank had been accused by the New York Department of Financial Services of concealing $250bn in Iranian transactions. The Financial Times said the New York state agency was not investigating RBS. In 2010, RBS agreed to pay $500m to settle similar allegations by U.S. federal authorities that ABN Amro, a Dutch bank RBS acquired in 2007, had violated U.S. sanction laws, The Guardian reported. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | SBP instant transfers now available from 190 Russian banks to Armenia To receive money from Russian banks, easywallet users need to go to their easywallet accounts. Armenia's Davit Chaloyan qualifies for Paris Olympics The Armenian boxer qualified for Paris Olympics after a series of successful bouts at the 2nd World Qualification Tournament. Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. |