6:42am

Thu December 12, 2013
Business

Scotland's Royal Bank Fined For Violating Iran, Cuba Sanctions

Originally published on Thu December 12, 2013 8:00 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with a bank writing another big check.

(SOUNDBITE OF MUSIC)

INSKEEP: The Royal Bank of Scotland was fined $100 million yesterday for violating American sanctions on Iran and Cuba. The bank had given its U.K. employees step-by-step instructions on how to keep transactions from being detected for sanctions violations.

Last year, the London-based banks Standard Chartered and HSBC also received fines for breaking U.S. sanctions. Transcript provided by NPR, Copyright NPR.