That’s a pretty good deal considering how much more money they can make by continuing to facilitate money laundering and terrorism.

We chose not to appeal but believe the fine is not at all commensurate with an administrative matter where there is no connection to money laundering or terrorist financing offences

Oh, I’m sorry, are you advocating for fines that scale to the severity of the offense?

Sure, let’s go with that. Next time some oil-patch developer pollutes a few thousand acres, it’ll be scaled to their profits and pegged in the billions. How about the next time a rich guy speeds on the highway? If the fine is $200 for a poor person, then Mr Moneybags is looking at a million-dollar speeding ticket.

This is the best summary I could come up with:

The Financial Transactions and Reports Analysis Centre of Canada says the violations include failing to submit suspicious transaction reports where there were reasonable grounds to suspect ties to a money laundering offence.

RBC failed to submit 16 suspicious transaction reports out of 130 case files reviewed, the agency said.

“We chose not to appeal but believe the fine is not at all commensurate with an administrative matter where there is no connection to money laundering or terrorist financing offences,” RBC told CBC News in a statement.

“Equally important, there is no finding that anyone exercised judgment in bad faith or knowingly contributed to violations.”

RBC’s penalty was imposed under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and not for criminal offences for money laundering or terrorist activity financing.

Fintrac director Sarah Paquet said in a recent speech that the agency’s priority is to work with businesses to help them comply with their reporting obligations.

The original article contains 339 words, the summary contains 157 words. Saved 54%. I’m a bot and I’m open source!