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Royal Bank of Canada fined $7,475,000.00


FINTRAC announced today [5.12.2023] that it has imposed an administrative monetary penalty on the Royal Bank of Canada (RBC). Following a compliance examination in 2022, this bank was imposed an administrative monetary penalty of $7,475,000 on November 3, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Royal Bank of Canada was found to have committed the following three administrative violations:

  • Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence;
  • Failure to provide information in the prescribed form and manner in suspicious transactions reports; and
  • Failure to keep written policies and procedures up to date.

This penalty was imposed for administrative violations committed by RBC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations, and not for criminal offences for money laundering or terrorist activity financing.

News release - December 5, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) - Source


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