FINTRAC | AMLP Forum

FINTRAC fines Exchange Bank of Canada $2.5m for failure to submit suspicious transaction reports, inadequate monitoring of business relationships, and not reporting large cash transactions

by AdrianaAMLP | Dec 13, 2024

Exchange Bank of Canada (the Bank) failed to submit 5 Suspicious Transaction Reports (STRs) out of 26 case files reviewed, where there were reasonable grounds to suspect that one or more transactions were related to the commission or attempted commission of a money...

FINTRAC’s 2023-24 Annual Report, ‘Safe Canadians, Secure Economy,’ highlights the agency’s efforts to combat ML/TF through digital strategies, including automation, analytics, and AI

by Jyotsna Bucktowar | Nov 26, 2024

Over the past year, FINTRAC issued administrative monetary penalties totaling $26 million, the largest in its history, and referred the highest number of non-compliance cases to law enforcement for potential criminal investigations…

FINTRAC updates AML/CFT guidance for Canadian mortgage administrators

by AdrianaAMLP | Oct 11, 2024

Guidance aims to help business determine if FINTRAC’s anti-money laundering and anti-terrorist financing requirements apply to them.

FINTRAC imposes an administrative monetary penalty on Ontario Inc. for non-compliance with the Proceeds of Crime (ML) and TF Act and associated Regulations

by Jyotsna Bucktowar | Sep 24, 2024

The administrative violations include failure to develop and apply its policies and procedures in practice in relation to know your client requirements, and ongoing monitoring of business relationships; failure to assess and document money laundering or terrorist...

FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd for failure to submit STRs

by Jyotsna Bucktowar | Sep 12, 2024

Canada Changjiang Management Ltd. was found to have committed the following administrative violations: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist...

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FINTRAC fines Exchange Bank of Canada $2.5m for failure to submit suspicious transaction reports, inadequate monitoring of business relationships, and not reporting large cash transactions

FINTRAC’s 2023-24 Annual Report, ‘Safe Canadians, Secure Economy,’ highlights the agency’s efforts to combat ML/TF through digital strategies, including automation, analytics, and AI

FINTRAC updates AML/CFT guidance for Canadian mortgage administrators

FINTRAC imposes an administrative monetary penalty on Ontario Inc. for non-compliance with the Proceeds of Crime (ML) and TF Act and associated Regulations

FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd for failure to submit STRs

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