According to the regulator, a compliance examination was conducted on Canada’s largest bank last year, during which it says it uncovered three administrative violations by RBC, including failure to submit reports of suspicious transactions; failure to provide information in the reports in the “prescribed form and manner”; and failure to keep written policies and procedures up to date.
FINTRAC emphasises that the penalty was imposed “for administrative violations committed by RBC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations, and not for criminal offences for money laundering or terrorist activity financing”.
