The bank agrees to pay $100m in the US after an investigation into alleged illegal transactions with Iran, Sudan, Burma and Cuba.

The Royal Bank of Scotland has agreed to pay $100m (£61m) after US investigations into illegal transactions with Iran, Sudan, Burma and Cuba. The bank has entered into agreements with the US Federal Reserve, the US Treasury Department and the New York State Department of Financial Services. In a statement, the bank said it "acknowledges and deeply regrets these failings". The bank also said it has committed almost $490m (£300m) since 2010 to improve its sanctions controls. Criminal authorities at the US Justice Department and the District Attorney of New York have closed their related investigations and will not bring charges, RBS said.

From 2005 to 2009, the bank removed references to sanctioned locations from payment messages to US financial institutions, the Treasury Department said. RBS instructed employees to list the name of the Iranian financial institution rather than its identifying codes on wire transfers, the department said.This prevented the bank's payment system from automatically including references to Iran in the cover messages sent to US clearing banks.....Read more here