Vive Le Canada

RBC issues clarification on U.S. dollar accounts
Date: Thursday, January 18 2007
Topic:


RBC issues clarification on U.S. dollar accounts
TORONTO, Jan. 17 /CNW/ - 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.

http://www.newswire.ca/en/releases/archive/January2007/17/c6676.html

http://www.newswire.ca/...



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