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Canada’s Royal Bank closes 40 accounts in Panama Papers probe

Thursday, March 9, 2017


Royal Bank of Canada says it has closed the accounts of 40 clients following an internal review of its operations after the bank was named in a leak of documents from a Panamanian law firm that specializes in helping wealthy clients avoid taxes by stashing money offshore.

As first reported by Bloomberg, the bank confirmed to CBC News in an email Wednesday that it closed the accounts of about 40 clients and bolstered its internal compliance after concluding a probe of its own business.

Source: CBC News