#Fintrac

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www.cbc.ca
5 months ago
Canada news

CIBC fined $1.3M for failing to comply with money laundering and terrorist financing rules | CBC News

Canada's financial intelligence agency, Fintrac, has imposed a $1.3 million penalty on CIBC for non-compliance with money laundering and terrorist financing measures.
This comes after RBC received a $7.4 million fine for similar non-compliance issues. [ more ]
www.cbc.ca
5 months ago
Canada news

RBC handed $7.4M penalty from financial intelligence agency | CBC News

The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has imposed a $7.4-million penalty on the Royal Bank of Canada (RBC) for non-compliance with anti-money laundering and terrorist financing measures.
RBC failed to submit 16 suspicious transaction reports, out of 130 case files reviewed by Fintrac, where there were reasonable grounds to suspect ties to a money laundering offense. [ more ]
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