RBC Fined $5.5 Million for Breaking Canadian Money-Laundering Rules
Reported by Derek Decloet 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. Royal Bank, Canada’s largest lender, failed to submit suspicious transaction reports in 16 cases out of 130 reviewed, Fintrac said. The agency also found that the Toronto-based company “lacked […]