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NEWS: Two Canadian banks, RBC and CIBC fined total of C$9M for failure to submit STRs; disproportionate penalty, says RBC of C$7.5M penalty

A Royal Bank of Canada (RBC) logo is seen at a branch in Toronto.

By AML Intelligence Correspondents CANADA’s fincrime watchdog imposed a C$7.5M ($5.52M ) fine on Royal Bank of Canada (RBC) for three violations to submit STRs. RBC, Canada’s biggest bank, said it would not appeal FINTRAC’s decision to impose its biggest fine today. The decision announced on Tuesday was followed two days later when FINTRAC said…

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