RBC faces many multimillion-dollar fines about accounting violations

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A sign for the Royal Financial institution of Canada in Toronto on Dec. 13, 2021.CARLOS OSORIO/Reuters

Royal Bank of Canada RY-T has agreed to shell out regulators in the United States and Canada thousands and thousands of pounds in fines for violating the accounting benchmarks provisions of securities guidelines in the two nations about more than a decade.

The U.S. Securities and Trade Fee reported Thursday that RBC unsuccessful to correctly account for the fees of its internally developed computer software from 2008 via 2020. RBC has agreed to shell out a US$6-million penalty to settle the prices, the SEC stated.

The Autorité des marchés financiers and the Ontario Securities Commission, regulators in Quebec and Ontario respectively, also declared settlements with RBC on Thursday for the exact same conduct. RBC has agreed to pay back $2-million in Quebec, the AMF reported in a statement, and a further $2-million in Ontario, in accordance to a settlement arrangement that was accredited by the OSC’s Funds Markets Tribunal on Friday morning.

“Royal Financial institution of Canada had very long-standing inner accounting handle deficiencies that it unsuccessful to sufficiently deal with,” Nicholas Grippo, the SEC regional director

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