By Kyle Brasseur2023-12-06T21:17:00
Royal Bank of Canada (RBC) was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
The penalty was imposed Nov. 3 but announced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Tuesday. The agency said it found evidence of noncompliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act at RBC following an examination in 2022.
FINTRAC alleged three specific violations at RBC.
2024-05-03T16:45:00Z By Aaron Nicodemus
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
2024-01-29T22:43:00Z By Jeff Dale
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
2024-01-09T17:24:00Z By Kyle Brasseur
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
2025-10-21T18:11:00Z By Adrianne Appel
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
2025-10-21T17:13:00Z By Oscar Gonzalez
Canada is creating a new federal office to lead efforts against financial crime. The initiative marks the government’s most significant move yet to modernize its approach to fraud and money laundering.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
Site powered by Webvision Cloud