All FINTRAC articles
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News BriefFINTRAC hits British Columbia crypto firm with record $125M penalty for AML failures
Canada’s financial intelligence agency has issued its largest-ever penalties against a cryptocurrency exchange, a fine of $126 million (CA$176.9 million). The agency said the exchange’s compliance failures represented a “severe breach of Canada’s anti–money laundering framework.”
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News BriefCanadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
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News BriefFINTRAC fines Binance $4.4M over AML/CFT violations
The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
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News BriefFINTRAC fines TD Bank record $6.7M over AML program failings
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
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News BriefTD Bank reserves $450M for BSA/AML enforcements
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
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News BriefTD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
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News BriefReport: Canada’s FINTRAC to increase reliance on AI
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
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News BriefFINTRAC fines CIBC $950K over AML lapses
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
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News BriefCanada’s AML agency fines RBC $5.5M over suspicious transaction reports
Royal Bank of Canada was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) in November by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.