Money Laundering Watchdog Fines Canadian Bank $1.15 Million

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Friday, June 17, 2016
Author: 
Peter Bowal and Colin McKay
Volume: 
32
Issue: 
6
Abstract: 
On April 5, 2016, Canada’s federal financial intelligence agency levied a $1.15 million administrative monetary penalty against an unidentified Canadian bank for failing to both report suspicious transactions and various money transfers and for failing to develop up-to-date compliance policies and procedures.