What happens when you make a mistake? How digital rights are being lost in a new digital world
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RBS Digital is the online bank owned by RBS Group Plc, which has been accused of being a front for a global tax avoidance scheme.RBS is one of the world’s biggest online financial institutions.
RBS Digital operates in the US, UK and Ireland, with branches in all three countries.
The company says that its digital banking service is a way for customers to manage their money online, and offers a number of tools to help customers do this.
However, RBS’s online banking platform was used to evade tax and the UK’s Financial Services Authority (FSA) has said that the bank has engaged in a “lack of due diligence” when handling its customers’ digital bank accounts.
In a statement, the FSA said:We are currently working with the relevant authorities to determine if any further action is required.
In the meantime, we are providing RBS customers with a simple and easy way to manage and use their bank accounts online.
The bank’s online bank account has also been used to hide the fact that it is owned by a subsidiary of the UK-based company, RTS Capital.
In addition to the £2.3bn it was awarded for being the first bank to become the world first to invest in bitcoin, Rts Capital is also the world leader in the use of blockchain technology.
In the UK, Rbs has also paid out millions of pounds in taxes and penalties to HMRC.
In Ireland, the company has been fined €2.9m ($3.2m) and is facing a fine of up to €1.6m ($1.958m).
The Financial Conduct Authority in the UK has warned RBS to cease its activities and pay back the UK taxpayer’s money, after the company allegedly failed to properly comply with tax rules.
In addition, the Financial Services Agency is asking the bank to explain why it has been allowed to continue to operate.RTS Capital has denied any wrongdoing.
In response, RBNZ said that it had already “committed to work with the authorities to ensure that RBS remains compliant with the law and we will continue to provide RBS with all our resources in order to ensure our customers’ financial wellbeing”.
In the US and UK, the bank’s digital banking services are also used to help people avoid taxes and other duties.
In November 2017, the European Commission fined RBS a record €2bn for failing to comply with anti-money laundering and anti-terrorist financing rules, and fined the bank €1bn for a scheme to evade taxes and regulations.RBNZ says that RTS is now cooperating with authorities to resolve any potential issues related to tax, but that it will not be “guaranteed” to comply.
RBNz added that RBC “is continuing to work closely with regulators and regulators around the world to ensure RBS is compliant with all relevant tax, accounting and reporting requirements, as well as to ensure its customers are treated fairly and with due diligence.”
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