FINTRAC imposes a $601,139.80 penalty on First Nations Bank of Canada for multiple AML compliance failures, including missed suspicious reports, inadequate policies, and poor monitoring

The bank did not report suspicious transactions in 31% of the case files reviewed, where there were reasonable grounds to suspect that transactions were related to ML/TF. It failed to develop and apply written compliance policies and procedures that were kept up to date and approved by a senior officer…