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Fed lifts Royal Bank of Scotland enforcement action

The Federal Reserve Board on March 6 terminated its cease and desist order against Royal Bank of Scotland Group Plc and some of its subsidiaries.

The July 2011 enforcement action required the U.K.-based company to strengthen board and senior management oversight. It had also ordered the RBS Group, Royal Bank of Scotland Plc and Royal Bank of Scotland NV to improve their New York, Chicago, and Stamford, Conn., branches' Bank Secrecy Act and anti-money laundering compliance.

The cease and desist order was lifted on the same day the New York attorney general announced a $500 million settlement with RBS to resolve claims of "deceptive practices and misrepresentations to investors" in the latter's residential mortgage-backed securities.