Regulatory Alerts2023-12-05
FINTRAC imposes an administrative monetary penalty on Royal Bank of Canada
FINTRAC has imposed a $7,475,000 administrative monetary penalty on the Royal Bank of Canada for non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The sanction addresses three specific administrative violations identified during a 2022 compliance examination, including the failure to submit suspicious transaction reports, provide information in the prescribed format, and maintain updated written compliance policies. Issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, this non-punitive financial measure aims to enforce regulatory adherence without constituting a criminal conviction.
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