Administrative violations: RBC receives a $7 million fine
The Royal Bank of Canada (RBC) must pay a fine of more than $7 million for committing three administrative violations, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) announced. FINTRAC therefore imposed a $7,475,000 penalty on RBC on November 3 “for non-compliance with Part 1 of the Proceeds of Crime Laundering and Terrorist … [Read more…]