WASHINGTON (MNI) – The Federal Reserve issued the follow statement
Wednesday:
The Federal Reserve Board on Wednesday announced the issuance of a
joint consent cease and desist order by and among The Royal Bank of
Scotland Group plc, Edinburgh, Scotland (RBS Group), a registered bank
holding company, and The Royal Bank of Scotland plc, Edinburgh, Scotland
(RBS plc), a foreign bank, and its branches in New York and Connecticut.
The order also applies to The Royal Bank of Scotland N.V. (RBS
N.V.), Amsterdam, The Netherlands, a foreign bank, and its branches in
New York and Illinois. In addition to the Federal Reserve Board, the
order is being issued by the New York State Banking Department, the
State of Connecticut Department of Banking, and the State of Illinois
Department of Financial and Professional Regulation.
The order requires the RBS Group to improve its oversight of its
U.S. operations. It also requires RBS plc and RBS N.V. to improve
risk-management practices and compliance with Bank Secrecy Act and
anti-money laundering requirements at their U.S. branches.
** Market News International Washington Bureau: 202-371-2121 **
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