ABN Amro was bought by RBS in 2007 The UK’s Royal Bank of Scotland has agreed to pay $500m (£336m) to end a money laundering case involving ABN Amro – the lender it bought in 2007. The bank will pay the money to the US government. In exchange, charges against ABN Amro will be dropped.

According to the US justice department, the bank helped governments and individuals under US sanctions bring money into the country.

US officials said ABN had helped banks and individuals from countries including Iran and Libya channel money through the US banking system over a 10-year period.

The charges will be formally dropped in 12 months, assuming the bank continues to cooperate.

Read More