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RBC Bank suspected of concealing money laundering, fined $7.4 million!

Posted on 12/05/202312/05/2023 By cpb No Comments on RBC Bank suspected of concealing money laundering, fined $7.4 million!

The Financial Transactions and Reports Analysis Centre of Canada has imposed a $7.4 million fine on the Royal Bank of Canada (RBC) for non-compliance with anti-money laundering and anti-terrorist financing measures.

According to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), the violations included failure to submit suspicious transaction reports when there were reasonable grounds to suspect they were related to money laundering.

The agency, known as Fintrac, screens millions of pieces of information electronically every year from banks, insurance companies, currency service businesses, and other institutions in an attempt to trace funds associated with illicit activities.

Subsequently, the agency discloses intelligence about suspicious cases to law enforcement and other regulatory bodies.

Sarah Paquet, the head of Fintrac, mentioned in a recent speech that the agency’s primary mission is to collaborate with businesses to assist them in fulfilling their reporting obligations.

However, she specifically noted that some businesses are lagging behind, and Fintrac will take appropriate actions when necessary.

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