FSS reprimands Royal Bank of ScotlandKorea’s financial regulator said yesterday it has issued an institutional caution and reprimanded employees of the Royal Bank of Scotland Seoul branch for breaching bank and capital market rules.
An institutional caution, which does not lead to any business disadvantages, is the weakest level of punishment that can be imposed on a financial firm.
According to the FSS, RBS’s Seoul branch illegally commissioned 135 foreign currency options and non-deliverable forward deals to its Singapore branch between April 2007 and November 2009. The deals were worth $397 million.
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