RBC issues clarification on U.S. dollar accounts
TORONTO, January 17, 2007 — Due to confusion surrounding
our U.S. Dollar Accounts, RBC is issuing the following clarification:
RBC seeks to serve all of our clients to the best of our
abilities, including helping qualified clients open a US dollar
account. As part of our process, Royal Bank of Canada requests
proof of citizenship and residency prior to opening a USD
account for any individual client. With some exceptions, RBC
will provide a US dollar account to dual citizens of sanctioned
countries as long as they meet our "Know Your Client"
and "Anti-Money Laundering" requirements, which
include proof of residency in Canada. RBC will work with clients
who may be impacted by these requirements in a manner that
is consistent with AML regulations, and will provide the option
of having the issue escalated for further review.
It is our understanding that the policies and procedures
of Canadian banks in dealing with US dollar accounts are consistent
with banks in both Canada and around the world.
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For further information:
Beja Rodeck, Director, Media Relations,
(416) 974-5506, toll-free 1-888-880-2173, firstname.lastname@example.org