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NYSE Hits RBC Subsidiary with $90,000 Penalty in AML Case
By Brian Monroe
printThe New York Stock Exchange penalized a brokerage subsidiary of one of Canada's largest banks, Toronto-based Royal Bank of Canada, $90,000 on charges that it didn't institute the basic components of an anti-money laundering (AML) program. Minneapolis-based RBC Dain Rauscher Inc. failed to establish written procedures for filing suspicious activity reports (SARs), adequately review transaction structuring or establish adequate monitoring systems so it could act on exceptions identified by the firm's AML department, according to the order, issued March 23 and posted yesterday on the NYSE website. The order follows a rising number of AML enforcement cases brought against securities...
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