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

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 laundering (ML) or terrorist activity financing (TF) offence…