Royal Bank of Canada fined C$7.5m for missed STRs and AML guidance flaws

First (or second, depending on metric used) largest lender in the country of its name, Royal Bank of Canada (RBC) must pay C$7,475,000 (US$5,500,000) for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.

First (or second, depending on metric used) largest lender in the country of its name, Royal Bank of Canada (RBC) must pay C$7,475,000 (US$5,500,000) for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.