FORTUNE -- U.S. regulators have fined Royal Bank of Scotland $100 million for breaches of U.S. sanctions against Iran, Sudan, and elsewhere.
According to orders filed by the Federal Reserve and New York's banking regulators, going back as far as 2002, RBS put in place a system to transfer dollars from the U.S. in a way that hid from regulators and other banks where that money was headed.
The system, which was in place until 2011, ended up processing over 3,500 transactions, sending $523 million to Sudanese and Iranian customers. Some of the money went to individuals specifically barred by the Treasury Department from doing transactions with U.S. entities. The Treasury Department's list of barred individuals includes U.S.-designated terrorists and drug dealers.
According to New York regulators, RBS (RBS) provided written instructions to its payment processors in the United Kingdom explaining that it was "important" to strip out any information that revealed the destination "for all U.S. dollar payments to a country subject to U.S. sanctions."
Rival U.K. bank Standard Chartered paid a $340 million fine for similar violations last year. Some banks have said they believed they were following the rules when they were omitting certain information when processing payments that may have been allowed by the U.K. government but not the U.S.
As well as paying the fine, RBS has agreed to put in place new measures to make sure it doesn't break the rules again. It also "terminated" the head of its "Money Laundering Prevention Unit" for corporate markets, which seems justified. Also out is RBS's head of banking in Asia, the Middle East, and Africa.
RBS has been under investigation for possible violations of U.S. anti-money laundering rules for more than a year and a half. Earlier this year, the bank paid U.S. regulators $612 million for helping to rig Libor, a key international lending rate.
RBS had to be taken over by the U.K. government after the financial crisis. Over 80% of the bank is still owned by British taxpayers. There has been talk of breaking it up.
Where are the bankers involved with JPMorgan's dubious mortgage deals? At JPMorgan, Goldman Sachs, and other Wall Street firms.Stephen Gandel, senior editor - Nov 27, 2013 5:00 AM ET
The deal is a bigger loss for SAC, and perhaps the government, than it is for Stephen Cohen.
FORTUNE -- We now have a much bigger number for how much money average investors lose to insider trading. It's at least $1.8 billion.
That's how much money SAC Capital agreed to pay on Monday, along with pleading guilty to the criminal insider trading charges. The question is whether getting to that number, and MOREStephen Gandel, senior editor - Nov 5, 2013 8:58 AM ET
The U.S. government is suing the ratings agency for fraud in its pre-crisis ratings, but investors are pooh-poohing the threat.
By Craig Giammona
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Jamie Dimon's bank potentially faces new charges related to its Chinese and mortgage operations.
FORTUNE -- JPMorgan Chase is emerging from the London Whale trading incident relatively unscathed. Even so, the bank is far from out of the water when it comes to its lingering legal issues.
It's newest potential headache: bribery. In the bank's most recent quarterly filing, JPMorgan said it had received questions from the Securities and Exchange Commission about MOREStephen Gandel, senior editor - Aug 19, 2013 5:00 AM ET
Lots of people at JPMorgan worked together to hide losses from investors and regulators. Only two of them may be going to jail.
FORTUNE -- Long live the Whale.
The most fascinating thing about the government's charge that JPMorgan Chase employees committed fraud in connection with the bank's $6 billion trading loss, and the one that will have the largest reverberations for Wall Street, is not who is being charged, but who MOREStephen Gandel, senior editor - Aug 14, 2013 3:31 PM ET
Jamie Dimon's firm's legal woes just got a bit worse.
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The bank disclosed that it had received the notice of violation in May on Wednesday in its regular quarterly earnings filing with the Securities and Exchange Commission. The bank, which is the MOREStephen Gandel, senior editor - Aug 7, 2013 6:23 PM ET
Fabrice Tourre's courtroom loss should be a reminder of just how pathetic the SEC's financial crimes record has been.Stephen Gandel, senior editor - Aug 2, 2013 9:00 AM ET
Many investors don't trust Wall Street anymore, so they're putting money into exotic alternatives. The saga of two friends provides a window into a growing peril.
By James Sterngold, contributor
FORTUNE -- Keith Woodwell knew something was amiss the moment he unwrapped the Christmas present from Ross Moore. Woodwell and Moore -- both Utahans, both Mormons, both graduates of Brigham Young University, both lawyers -- had become tight friends after both, MOREDec 10, 2012 5:00 AM ET
When it comes to investments, remember the old saw: If it sounds too good to be true, it probably is.
By James Sterngold, contributor
FORTUNE -- When it comes to fraud, most people assume that financial neophytes are the most frequent victims. But recent research by AARP contradicts that notion. The dupes, it turns out, are more likely to be male, well-educated, older, and more financially literate than the average person, MOREDec 10, 2012 5:00 AM ET
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