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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-06T21:17:00
Royal Bank of Canada (RBC) was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
The penalty was imposed Nov. 3 but announced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Tuesday. The agency said it found evidence of noncompliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act at RBC following an examination in 2022.
FINTRAC alleged three specific violations at RBC.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-05-03T16:45:00Z By Aaron Nicodemus
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
2024-01-29T22:43:00Z By Jeff Dale
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
2024-01-09T17:24:00Z By Kyle Brasseur
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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