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Money Laundering Bulletin

City National Bank pays OCC US$65m, in part for AML control & risk assessment deficiencies

"Unsafe and unsound" practices in strategic and operational risk management, including around anti-money laundering, as well as in investment management, at City National Bank, California, a subsidiary of Royal Bank of Canada, have brought down a fine of UK$65 million from the US Office of the Comptroller of the Currency (OCC).

"Unsafe and unsound" practices in strategic and operational risk management, including around anti-money laundering, as well as in investment management, at City National Bank, California, a subsidiary of Royal Bank of Canada, have brought down a fine of UK$65 million from the US Office of the Comptroller of the Currency (OCC).

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