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Royal Bank of Canada looking into Panama Papers allegations

Royal Bank of Canada is taking steps to clear up allegationsin the Panama Papers byassembling a team to review its records and by verifying the data in the leakeddocuments, Reuters reported.

According to the report, RBCand its subsidiaries were linked to 378 shell companies registered in law firm MossackFonseca's data.

RBC President and CEO Dave McKayclarified that the bank had not actually been accused of any illegality or wrongdoing,adding that controls are in place to guard against illicit activities, the newsagency reported April 6.

McKay also told reporters thebank now has a team to sift through its operations; to see where relationships mightexist; and in the process, to still verify the data that goes back 40 years.

Royal Bank of Canada is oneof many banks named inthe now-infamous Panama Papers, which show the Panamanian law firm's clients evadedtaxes and laundered money, Reuters reported.