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RBS Pays $100 Million to Settle Sanctions Violations Probe

Royal Bank of Scotland Group Plc will pay $100 million to settle U.S. and New York regulators’ accusations that it violated sanctions programs targeting Iran, Sudan, Burma and Cuba.

RBS, from 2002 to 2011, hid or failed to disclose information about the identities of sanctioned parties in 3,500 transactions valued at approximately $523 million, the New York Department of Financial Services said yesterday in a statement. The U.S. Treasury Department’s Office of Foreign Assets Control and the Federal Reserve also were part of the settlement.