FinTRAC fines Canadian bank $1.1-million

Globe and Mail

The federal agency responsible for monitoring money laundering across the country said that it has fined a Canadian bank more than $1.1-million for failing to report a suspicious transaction, a hefty penalty that is designed to send a message of deterrence in the financial sector. Financial Transactions and Reports Analysis Centre of Canada, or FinTRAC, called the fine an “administrative monitoring penalty” that is a first for a Canadian bank.

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