Canadian bank hit with $1.1M money laundering penalty

The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and various money transfers.

It is the first time the Ottawa-based Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, has penalized a bank. Fintrac did not release the name of the bank involved or details of the infraction. “We are exercising our discretion, but we want to send a message of deterrence now,” Fintrac spokesman Darren Gibb told BNN.

The infraction occurred sometime in the past year, says Gibb. He would not comment on whether it was related to the recent so-called “Panama Papers” leak of global tax haven information.


Seriously? They won’t name the bank?

  • Drunk_by_Noon

    Likely the bank is on the list of donors to Justin’s political party.

  • Jaedo Drax

    there are 82 regulated banks doing business in Canada. It would probably be worth trying to do an ATIP request to find out who it is, after all FINTRAC usually waves the $5 fee.

  • Exile1981

    Rumour has it that during the last 6 months all the major banks have been auditted. In a report I saw only one bank didn’t have defficiencies and concerns.

  • Raymond Hietapakka

    C.I.B.C. gave Hillariah Rotten-Khlintoon Al-Arkansawia a cool $150,000 to give one of her famous one-hour pep talks…

  • Maggat

    Won’t name the bank, of course not. If it were you or I, our names would be plastered across the nation and the evening news would lead the with the cuff and leg iron perp walk.

    • andycanuck

      Or like a Tory candidate getting a minimum security one-month sentence for overspending in an election.

      • Maggat

        Yeah, overspending his own money.