RBC today issued a statement responding to reports that the Bank has refused to give U.S. dollar accounts to some dual-nationality Canadians.

The bank confirmed yesterday it wouldn’t give U.S. dollar accounts to dual citizens from six countries because of U.S. Treasury rules tightened after the Sept. 11 attacks.

Today, the bank issued 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’ (AML) requirements, which include proof of residency in Canada.”

The bank added it “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.”

The bank said it believes “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.”

Cheques drawn on U.S. dollar accounts at Canadian financial institutions are cleared and settled at corresponding banks in the United States.