Royal Bank of Canada (RBC) was imposed an administrative monetary penalty of $7,475,000 on November 3, 2023, for committing 3 violations. The violations were found during the course of a compliance examination in 2022. This penalty was imposed for administrative violations committed by RBC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated
Austin Jewellers (General partnership: Frank Suppanz and Lisa Suppanz, partners), a dealer in precious metals and precious stones in Coquitlam, British Columbia, was imposed an administrative monetary penalty of $66,000 on June 27, 2023, for committing 2 violations. The violations were found during the course of a compliance examination in 2019. Austin Jewellers has appealed the decision to
Canadian Imperial Bank of Commerce (CIBC), also operating as Banque Canadienne Impériale de Commerce, a bank headquartered in Toronto, Ontario, was imposed an administrative monetary penalty of $1,329,150 on October 23, 2023, for committing 2 violations. This penalty was imposed for administrative violations committed by CIBC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and
