RBS handed Fed cease-and-desist order over risk failings

rbs-2010
RBS under scrutiny for risk management weaknesses

Royal Bank of Scotland (RBS) has been served with a cease-and-desist order by the US Federal Reserve Board, which cites weaknesses in risk management and corporate governance in the bank's US operations stemming back as far as 2009.

In the 16-page consent order released today, the Fed points to deficiencies in "risk management and compliance with applicable federal and state laws, rules, and regulations relating to the Bank Secrecy Act and anti-money laundering compliance".

The regulator ordered

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