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?