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 appropriate and documented governance for developing, updating and effectively implementing” procedures to stop money laundering and financing of terrorists.

Read full report: https://www.bloomberg.com/news/articles/2023-12-05/rbc-hit-with-fine-for-breaking-canadian-money-laundering-rules