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 […]

Russian oil price cap has largely failed, new report finds

Reported by VICTOR JACK AND GABRIEL GAVIN A Western effort to cap Russia’s oil revenues after Moscow launched its war on Ukraine has essentially failed a year since it was first agreed, a new report seen by POLITICO found, prompting renewed pleas from Kyiv for its allies to take tougher action. G7 nations and the […]