ABN AMRO To Forfeit $500M For Sanctions Violations

Law360, New York (May 10, 2010, 6:21 PM EDT) -- The former ABN AMRO Bank NV, now known as The Royal Bank of Scotland NV, has agreed to forfeit $500 million for facilitating illegal U.S. dollar transactions on behalf of financial institutions and customers in sanctioned countries including Iran, Libya, Sudan and Cuba.

The U.S. Department of Justice announced the deal Monday, saying it had filed a criminal information and a deferred prosecution agreement in the U.S. District Court for the District of Columbia. The $500 million figure represents the value of the illegal transactions, the...
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