Post by Bob on Jul 28, 2011 7:29:13 GMT 1
Royal Bank of Scotland has been ordered by US regulators to improve its controls of operations in the USA.
RBS was served with a "cease and desist" notice, alleging it failed to implement adequate controls and supervision of its operations.
The operations include those of ABN Amro, the Dutch bank it bought in 2007.
The US Federal Reserve notice is a rarely used warning that could lead to severe consequences for its large American subsidiaries.
The regulators have given RBS 60 days to comply and to provide a wide-ranging set of assurances about improved governance and oversight of risk, of potential money laundering and of foreign asset controls.
Chief executive Stephen Hester issued a statement, conceding that there were problems needing to be addressed.
RBS was served with a "cease and desist" notice, alleging it failed to implement adequate controls and supervision of its operations.
The operations include those of ABN Amro, the Dutch bank it bought in 2007.
The US Federal Reserve notice is a rarely used warning that could lead to severe consequences for its large American subsidiaries.
The regulators have given RBS 60 days to comply and to provide a wide-ranging set of assurances about improved governance and oversight of risk, of potential money laundering and of foreign asset controls.
Chief executive Stephen Hester issued a statement, conceding that there were problems needing to be addressed.