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RBC Fined $5.5 Million for Breaking Canadian Money-Laundering Rules
Royal Bank of Canada was fined C$7.48 million ($5.5 million) for a series of violations under the country’s money-laundering and terrorist-financing law. The infractions included a number of cases where the bank had “reasonable grounds” to suspect that a transactions were related to money laundering or terrorist groups, but failed to report them, according to a statement from the Financial Transactions and Reports Analysis Centre of Canada, which enforces anti-money-laundering rules in the banking sector. Royal Bank, Canada’s largest lender, failed to submit suspicious transaction reports in 16 cases out of ... (full story)