US authorities are investigating Royal Bank of Scotland and Commerzbank over possible breaches of sanctions on Iran, in a widening crackdown which has already cost Standard Chartered a hefty fine.
An RBS spokeswoman declined detailed comment on Wednesday but referred to disclosures published with the bank’s half-year results earlier this month. These said RBS had initiated talks with US and British 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 substantial punishment for the part-nationalised British bank, which is also being investigated for its involvement in the Libor rate rigging scandal, ramping up pressure on Chief Executive Stephen Hester.
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