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Royal Bank of Canada responded to the bank’s name appearing in documents leaked to expose activities in offshore tax havens by stating the Canadian financial institution has “established controls, policies and procedures in place” to detect and prevent tax evasion.

“We have an extensive due diligence process to ensure we understand who the client is and what their intentions are, and will not proceed with a transaction until we do,” Canada’s largest bank by market capitalization said in the statement Monday.

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RBC added that there are a number of legitimate reasons to set up a holding company.

“If we have reason to believe a client is seeking to commit a criminal offence by evading taxes, we would report that offence and not do business with the client,” the statement said.