In March, here in Financial Regulation Matters , we looked at the developing story of a massive investigation into the laundering of Russian funds by a number of famous financial institutions, including HSBC, Lloyds, Barclays and a host of other institutions. The massive scheme, which runs into the tens of billions of dollars, was brought to the public’s attention in March and detailed a scheme enveloping countries from all over the world, with the obvious consequences being financial institutions coming in for regulatory scrutiny and even (potentially) criminal sanctions, especially with regards to the ongoing situation in the U.S. with the Administration’s alleged connection to Russian officials. However, in this post we shall focus on the most recent development which looks at the role RBS played in the laundering system, with the news coming at a very inopportune time in relation to the bank’s reporting of a £939 million profit for the first 6 months of 2017. The week beg...