RBC

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…]

RBC can buy HSBC Canada in exchange for affordable housing

After a year of considering the matter, Ottawa finally approved the Royal Bank of Canada’s (RBC) takeover of HSBC Canada on Thursday evening after securing job creation commitments and a $7 billion donation for affordable housing. • Also read: RBC is acquiring HSBC Canada for $13.5 billion In addition to integrating HSBC Canada’s operations into … [Read more…]