The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Royal Bank of Canada (RBC) 7.5 million Canadian dollars on Tuesday. The financial institution is accused of failing to submit suspicious transaction reports

The Canadian Anti-Money Laundering Agency announced that it had fined the Royal Bank of Canada $7.5 million ($5.52 million) CAD 7.5 million ($5.52 million) for failing to submit suspicious transaction reports. FINTRAC said the administrative monetary penalty was imposed on November 3 following a compliance review conducted in 2022