The Federal Reserve Board Thursday announced the termination of a cease-and-desist (C&D) order entered into in July 2011 with the Royal Bank of Scotland Group. That order set requirements for risk management and internal controls, Bank Secrecy Act (BSA) and anti-money laundering (AML) programs and processes, and compliance with requirements of the Office of Foreign Assets Control (OFAC).
In addition to the Fed, that 2011 order was also signed by the New York State Banking Department, Connecticut Department of Banking and Illinois Department of Financial and Professional Regulation.
Reports on the date of the order termination, March 6, meanwhile said RBS Group had reached a $500 million settlement with the New York regulator over the sale of high-risk, residential mortgage-backed securities that contributed to the financial crisis. Reportedly $100 million of that is going to the state, with the remaining $400 million designated for consumer relief.