RBC Closes Customer Accounts as Panama Papers Review Concludes
- Royal Bank adds new tax compliance measures after examination
- Accounts of about 40 clients shut due to bank’s risk-tolerance
A Royal Bank of Canada branch stands in downtown Vancouver, British Columbia, Canada.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
Royal Bank of Canada closed accounts of about 40 clients and bolstered tax compliance following a review of offshore accounts tied to last year’s leak of records from a Panama law firm.
“The review is completed,” J-F Courville, chief operating officer of Royal Bank’s wealth-management unit, said in an interview. “We found out we have a business with good controls, but opportunities to improve consistency through constant training to make sure we have consistent interpretation and application of strict policies and procedures.”