FINTRAC imposed a $7.475 million anti-money-laundering compliance penalty on Royal Bank of Canada

Summary

FINTRAC imposed an administrative monetary penalty of $7,475,000 on Royal Bank of Canada on November 3, 2023, following a 2022 compliance examination. FINTRAC identified three administrative violations involving suspicious-transaction reporting, risk assessment and prescribed compliance policies. The bank paid the penalty and the proceedings ended. FINTRAC expressly states that administrative monetary penalties are not criminal charges for money laundering or terrorist financing. Primary source: https://fintrac-canafe.canada.ca/new-neuf/nr/2023-12-05-eng