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FINTRAC imposes its largest ever AML fine on Royal Bank of Canada

RBC building, Toronto
Photo: Gary Hershorn/Getty Images

Jean Hurley

2 min read
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Canada’s AML regulator imposes fine for non-compliance with AML rules.

Canada’s anti-money-laundering and anti-terrorist-financing regulator – FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) has imposed a C$7.5m ($5.5m) monetary penalty on the Royal Bank of Canada (RBC) for failure to submit suspicious transaction reports.

FINTRAC said the fine was imposed on November 3, 2023 following a complianceProceeds of

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