Thursday, November 7, 2024
18.6 C
New York

RBC’s US subsidiary City National Bank hit with $65m fine from OCC

  • The US Office of the Comptroller of the Currency (OCC) has imposed a $65 million fine on City National Bank, the US subsidiary of Royal Bank of Canada (RBC).
  • The fine is attributed to “systemic deficiencies in the bank’s risk management and internal controls,” with the OCC claiming the bank engaged in unsafe or unsound practices and failed to establish effective risk management.
  • The penalty is to be paid to the US Treasury, and the OCC has ordered City National Bank to initiate broad and comprehensive corrective actions, focusing on its strategic plan and operational risk management.
  • The cease-and-desist order mandates improvements in internal controls, compliance risk management (including BSA/anti-money laundering and fair lending), strategic risk management, and investment management practices.
  • A City National Bank spokesperson mentions the commitment to resolving the identified issues promptly, focusing on strengthening infrastructure and systems to align with the bank’s size and business model.
  • RBC invested nearly $2.95 billion into City National Bank in the previous year, and it initially acquired the bank for $5.4 billion in 2015.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

Konsentus Chosen to Drive Open Banking API Standards for Bank of Namibia

UK-based regtech Konsentus has been selected by the...

Monument Technology Appoints New CTO and CCO to Strengthen BPaaS Offerings

Monument Technology, a UK-based provider of Banking-Platform-as-a-Service (BPaaS)...

AI co-pilot solution Reflexivity raises $30m Series B led by Greycroft and IBKR

Funding Round: Reflexivity raised $30 million in a...

Dutch paytech Online Payment Platform secures EMI licence in the UK

EMI License: Online Payment Platform (OPP) has received...

Related Articles

Popular Categories

spot_imgspot_img