The Globe and Mail reports in its Wednesday edition that the agency responsible for combatting money laundering and terrorist financing imposed its largest-ever fine Tuesday, on Royal Bank of Canada. The Globe's Jameson Berkow writes that a $7.47-million penalty was levied by the Financial Transactions and Reports Analysis Centre of Canada, or FinTRAC, after it found RBC had committed three violations of the Proceeds of Crime and Terrorist Financing Act. FinTRAC issued just six financial penalties, worth a combined $1.1-million, during the past fiscal year. The RBC fine is "by far the largest penalty we've ever levied," FinTRAC spokesperson Darren Gibb said. It is also the first monetary penalty FinTRAC has ever imposed on any of the big banks. The agency has issued 128 notices of violation since receiving legislative authority to do so in 2008, with fines totalling nearly $23.4-million. That figure includes the penalty levied on RBC. The penalty was imposed for administrative violations committed by RBC, FinTRAC said, and not for criminal offences related to money laundering or terrorist activity financing. RBC "failed to submit 16 suspicious transaction reports, out of 130 case files reviewed." RBC will not appeal.