Royal Bank of Canada fined $7,475,000.00
05/12/2023
FINTRAC announced today [5.12.2023] that it has imposed an administrative monetary penalty on the Royal Bank of Canada (RBC). Following a compliance examination in 2022, this bank was imposed an administrative monetary penalty of $7,475,000 on November 3, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Royal Bank of Canada was found to have committed the following three administrative violations:
- Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence;
- Failure to provide information in the prescribed form and manner in suspicious transactions reports; and
- Failure to keep written policies and procedures up to date.
This penalty was imposed for administrative violations committed by RBC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations, and not for criminal offences for money laundering or terrorist activity financing.
News release - December 5, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) - Source
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.