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RETAIL BANKING | Cesar Tordesillas, Korea
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RBS Seoul cautioned for breaching banking rules

RBS Seoul was found brokering transactions between its London headquarters and a local asset manager worth 60 million U.S. dollars without a required license between Feb. 22 and March 11.

 

In addition, the Royal Bank of Scotland's Seoul branch illegally commissioned currency options and non-deliverable forwards worth 397 million U.S. dollars to its Singaporean office, according to the FSS.

These are against South Korean banking and capital market rules.

The FSS announced that an institutional caution was issued to the RBS Seoul branch for those two reasons, and four officials were given penalties, including a salary cut, reports Xinhua News.
 

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