Financial Intelligence Agency Hands Down $7.4M Penalty to Royal Bank of Canada

Canada’s financial intelligence agency has levied a $7.4-million penalty against the Royal Bank of Canada for non-compliance with anti-money laundering and terrorist financing measures. The Financial Transactions and Reports Analysis Centre of Canada says the violations include failing to submit suspicious transaction reports where there were reasonable grounds to suspect ties to a money laundering offence. The agency, known as Fintrac, tries to pinpoint money linked to illicit activities by electronically sifting millions of pieces of information each year from banks, insurance companies, money services businesses, and others. It then discloses intelligence to police and other law-enforcement agencies about the suspected cases....