RBC unit fined by FINRA over trade confirmation violations
By 
Aaron Nicodemus2024-04-30T20:43:00
A Royal Bank of Canada (RBC) unit agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority (FINRA), in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
RBC Capital Markets sent approximately 940,000 inaccurate trade confirmations and failed to provide confirmations to millions of other customers, according to a FINRA order published Monday.
FINRA alleged RBC failed to establish a supervisory system designed to achieve compliance with the self-regulatory organization’s rules.
Related articles
-
News BriefFINRA enforcement roundup: Three firms fined for trade compliance lapses
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
-
News BriefSoFi unit fined $1.1M by FINRA for fraud prevention failures
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
-
News BriefFINRA fines TD Ameritrade $600K over automated approval failures
Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
More from Regulatory Enforcement
-
ArticleDOJ, SEC end Investigations of GE HealthCare for possible FCPA violations in China
The Securities and Exchange Commission and Department of Justice ended a seven-year review of GE HealthCare Technologies’ China unit for possible violations of the Foreign Corrupt Practices Act.
-
ArticleNew York lab CEO allegedly billed insurers for $500M in fraudulent COVID test claims
The U.S. Department of Justice says the chief executive and medical director of Fast Lab Technologies allegedly engaged in a $500 million fraud scheme involving COVID-19 tests.
-
ArticleOFAC cracks down on Iran’s oil trade with new sanctions sweep
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.