City National Bank

City National Bank

The Royal Bank of Canada's American unit, City National Bank, has been fined $65 million by a top U.S. bank regulator. The fine was imposed due to gaps in the bank's risk management and internal controls. This incident serves as a reminder of the importance of anti-money laundering (AML) compliance in the banking industry.

AML lessons can be learned from this case, highlighting the need for robust risk management and internal control systems. Banks must ensure they have effective measures in place to detect and prevent money laundering activities. Failure to do so can result in severe penalties and reputational damage.

Palmera Consulting, led by CEO Sarah-Beth Felix, specializes in providing AML consulting services. With their expertise, banks can strengthen their risk management and internal control frameworks, ensuring compliance with regulatory requirements. By proactively addressing AML risks, banks can safeguard their reputation and protect themselves from financial penalties.