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RBC’s City National Bank fined $65m for gaps in risk management and internal controls

General view of the City National Bank company offices in Century City in Century City, California.
Photo: AaronP/Bauer-Griffin/GC Images

Julie DiMauro

3 min read
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The OCC charged the California-based bank with systemic deficiencies in its risk management and internal controls.

The US Office of the Comptroller of the Currency (OCC) has imposed a $65m fine on the Royal Bank of Canada’s American unit, City National Bank, over gaps in the lender’s risk management and internal controls.

The OCC’s cease-and-desist order requires the bank to take broad and comprehensive corrective actions

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