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Canadian Bank Under Fire After Closing Accounts Subject to U.S. Sanctions

By Evan Thomas

Royal Bank of Canada became the target of public outrage in its home country after it acknowledged closing the U.S. dollar accounts of certain customers to comply with American regulations. The bank closed the accounts of Canadian customers with dual citizenship in six countries-Iran, Iraq, Cuba, Sudan, Myanmar, and North Korea-subject to U.S. Treasury Dept.'s Office of Foreign Assets Control (OFAC) sanctions. Payam Eslami, a Canadian with an Iranian passport, filed a complaint with the Canadian human rights commission, according to his Web site. A spokesperson for the commission wouldn't say whether a report had been filed, citing privacy rules....

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