ROYAL BANK OF CANADA
RY
Financials
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Royal Bank of Canada settled SEC charges in 2023 for violating internal accounting controls and books-and-records provisions after the commission found RBC misstated internally developed software costs from 2008 through 2020, a 12-year span. RBC paid a $6 million civil penalty across the SEC, Ontario Securities Commission, and Quebec AMF. Separately, FINRA sanctioned RBC Capital Markets for sending approximately 940,000 inaccurate trade confirmations over nearly a decade, resulting in a $769,000 penalty. In December 2023 Canada's FINTRAC imposed a CAD 7.5 million penalty on RBC for deficiencies in suspicious transaction reporting, one of the largest AML penalties assessed against a Canadian bank.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.