- 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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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.
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