Royal Bank of Canada and Toronto-Dominion Bank have agreed to pay a combined C$24.5 million ($18.5 million) to settle charges of foreign exchange trading malpractices brought against the Canadian banks by a regulator, following a settlement hearing held on Friday. In separate statements of allegations, the Ontario Securities Commission (OSC) said this week that TD and Royal Bank of Canada had failed to have sufficient supervision and controls in their foreign exchange trading businesses from at least 2011 to 2013. “The settlement will send a clear message to firms about the importance of promoting a culture of compliance,” Cullen Price, Manager, Market Abuse Team, Enforcement at OSC said during TD’s hearing.

source https://ca.finance.yahoo.com/news/rbc-td-bank-pay-c-151524665.html?.tsrc=rss