The Canadian Financial Intelligence Agency imposed a fine of 7.4 million dollars on the Royal Bank of Canada for non-compliance with anti-money laundering and terrorism financing procedures.
 
The Canadian Centre for Analysis of Transactions and Financial Reports says the violations include not submitting reports on suspicious transactions when there are reasonable grounds to suspect their links to money laundering crimes.

The agency, known as Fintrac, tries to identify funds associated with illegal activities by electronically filtering millions of information each year from banks, insurance companies, financial services companies, and others.

It then reveals intelligence information to the police and other law enforcement agencies about suspected cases.

Fintrac director Sarah Paquette said in a speech she recently gave that the agency’s priority is to work with companies to help them comply with their reporting obligations.

But she clearly pointed out that some fall behind and that Fintrac will take appropriate action when necessary.