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News Releases

 

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.

- 30 -

For further information:
Media contact:
Beja Rodeck, Director, Media Relations,
(416) 974-5506, toll-free 1-888-880-2173, beja.rodeck@rbc.com


 

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