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9 months agoCanada news
RBC handed $7.4M penalty from financial intelligence agency | CBC News
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has imposed a $7.4-million penalty on the Royal Bank of Canada (RBC) for non-compliance with anti-money laundering and terrorist financing measures.
RBC failed to submit 16 suspicious transaction reports, out of 130 case files reviewed by Fintrac, where there were reasonable grounds to suspect ties to a money laundering offense. [ more ]