FINTRAC imposes C$7.5 million penalty on RBC, Legal News, ET LegalWorld | Court Practice News



Canada’s anti-money laundering agency on Tuesday said it had imposed a C$7.5 million ($5.52 million) fine on Royal Bank of Canada for failure to submit suspicious transaction reports.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said the administrative monetary penalty was imposed on November 3 following a compliance examination in 2022.

RBC did not immediately respond to a request for comment.

  • Published On Dec 5, 2023 at 10:55 PM IST

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