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News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

RBC fined $7.5 million over AML violations

Source: Fintrac

FINTRAC announced today that it has imposed an administrative monetary penalty on the Royal Bank of Canada (RBC).

Following a compliance examination in 2022, this bank was imposed an administrative monetary penalty of $7,475,000 on November 3, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Royal Bank of Canada was found to have committed the following three administrative violations:

Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence;
Failure to provide information in the prescribed form and manner in suspicious transactions reports; and
Failure to keep written policies and procedures up to date.

This 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.

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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