Defense Metals names former Philip Morris GC to board


Defense Metals announced the appointment of Suzanne Rich Folsom, who was most recently senior vice president and general counsel at Philip Morris International, to the board of directors of the company.


Lomiko announces chief sustainability officer


Canadian mining company Lomiko Metals announced Cindy Valence will join as chief sustainability officer.


Laurentian Bank announces chief risk officer


Montreal-based Laurentian Bank announced the appointment of Christian De Broux as chief risk officer.

TD Bank sign

News Brief

TD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program


TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.


National Bank of Canada announces new risk chief


National Bank of Canada announced Jean-Sébastien Grisé, currently senior vice president and chief credit officer, will be appointed as executive vice president, risk management and chief risk officer.

TD Bank

News Brief

Canadian 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.


News Brief

FINTRAC 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.


News Brief

Lululemon facing probe in Canada over greenwashing complaints


Athletic apparel company Lululemon is under investigation by the Canadian Competition Bureau regarding whether it made misleading claims about environmental aspects of its business.


Plooto names chief compliance officer


Plooto, a payment automation solution for small-to-midsize businesses, welcomed Christopher Wassenaar as chief compliance officer.

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News Brief

FINTRAC 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.

TD Bank

News Brief

TD 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.

Royal Bank of Canada

News Brief

RBC unit fined by FINRA over trade confirmation violations


RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.


WildBrain appoints general counsel


Family entertainment company WildBrain appointed Mark Trachuk as general counsel.


Borderless AI appoints ex-Visa, PayPal CCO to board


Payroll solution startup Borderless AI appointed Leonard Shen, the former chief compliance officer at Visa and PayPal, to its board of advisors.


Thunderbird Entertainment announces general counsel


Canadian film and television company Thunderbird Entertainment Group announced the promotion of Lori Massini to general counsel.

Supply chain


Policy changes underscore need for enhanced child labor due diligence

2024-03-18T13:20:00+00:00By and

Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.


Marimaca Copper appoints general counsel


Canadian copper company Marimaca Copper Corp. welcomed Solange González as general counsel and corporate secretary.


EnGene Holdings announces legal chief


EnGene Holdings, a clinical-stage genetic medicines company, announced the appointment of Lee Giguere as chief legal officer and corporate secretary.


Royal Bank of Canada names ex-Wells Fargo risk chief to board


Royal Bank of Canada announced Amanda Norton, former Wells Fargo executive vice president and chief risk officer, was appointed to its board of directors.

TD Bank

News Brief

TD 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.


Northland Power promotes legal chief


Canada-based Northland Power announced Yonni Fushman, chief legal officer and executive vice president of sustainability, was promoted to chief administrative and legal officer.


News Brief

Report: 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.

Facial recognition


Ethical compliance for facial recognition technology

2024-01-04T14:30:00+00:00By Manorama Kulkarni, CW guest columnist

The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.


News Brief

FINTRAC 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.


Great Gulf Group hires chief legal officer


Real estate company Great Gulf Group hired Corinne Pruzanski as chief legal officer.

RBC Bank

News Brief

Canada’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.


AIMCo announces chief legal officer


The Alberta Investment Management Corp. announced the appointment of Shelley Nixon as chief legal officer.


KWESST names corporate controller as chief compliance officer


Technology company KWESST Micro Systems appointed its Corporate Controller Kris Denis as chief compliance officer.

TD Bank

News Brief

TD Bank unit fined $600K by FINRA over email review lapses


TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.

Royal Bank of Canada

News Brief

SEC, Canadian regs fine RBC $6M for accounting failures


Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.


Equitable Bank appoints chief risk officer


Equitable Bank announced the appointment of Marlene Lenarduzzi as chief risk officer.


TradeZero Canada Securities gets new CCO


TradeZero Holding Corp., which provides online trading platforms for retail traders, announced Leo Ciccone as chief compliance officer of TradeZero Canada Securities.


Scotiabank promotes CRO to group head and chief risk officer


Scotiabank announced the promotion of Chief Risk Officer Phil Thomas to group head and chief risk officer.

TD Bank

News Brief

TD Bank expecting punishment in BSA/AML probes


TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.


Versapay appoints general counsel


Financial technology company Versapay announced the appointment of Spencer Robinson as general counsel.

Wells Fargo sign

News Brief

Wells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep


The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.



Q&A: FlightHub compliance officer on shift to culture of compliance


Sona Bedrossian, FlightHub Group’s general counsel and compliance officer, explains to Compliance Week how the online travel agency embeds compliance into its technology.


Canadian Solar chief compliance officer retires


Renewable energy company Canadian Solar announced Jianyi Zhang’s retirement as chief legal officer, chief compliance officer, and corporate secretary.

Bianca Forde EIC 2023


Data-driven disruptor Bianca Forde hailed as Compliance Innovator


In just one year, Bianca Forde improved the ethics and compliance program at Otis Elevator Company through collaboration, innovation, and data-driven solutions. Her work earned her the nod as Compliance Innovator of the Year at the 2023 Excellence in Compliance Awards.

ESG vector


ESG reporting an opportunity to showcase compliance quality

2023-05-12T14:43:00+01:00By Hassan Chaudry, CW guest columnist

Hassan Chaudry, director of compliance at Canada-based asset management firm Starlight Investments, shares his take on how companies can derive value from their compliance efforts regarding environmental, social, and governance and anti-bribery and corruption.


News Brief

Canada approves supply chain law for large companies


Large Canadian businesses must meet new supply chain rules starting in January that are designed to prevent products tainted by forced and child labor from entering the country.

Royal Bank of Canada

News Brief

RBC unit settles with FINRA over trade monitoring system lapses


RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.

ChatGPT logo

News Brief

EDPB task force latest scrutinizing ChatGPT, AI accountability


The European Data Protection Board is the latest regulatory body assessing the applicability of ChatGPT amid skyrocketing data privacy concerns regarding the popular artificial intelligence platform.


News Brief

Flutter Entertainment to pay $4M for legacy FCPA violations


Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.

Exam cheating


Audit exam cheating findings spark concern of endemic trend


Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.


Great-West Lifeco names chief risk officer


Canadian insurance company Great-West Lifeco announced the appointment of Dervla Tomlin, current chief actuary, as chief risk officer.

Grant Thornton


PCAOB enforcement roundup: Grant Thornton fined in disclosure crackdown


The Public Company Accounting Oversight Board announced several notable enforcement actions last week, including sanctions against six firms for allegedly violating agency reporting requirements.



KPMG affiliates fined $275K for using unregistered firms


Three affiliates of KPMG agreed to pay a total of $275,000 in penalties for failing to disclose unregistered firm participation in public company audits—the latest such PCAOB enforcement cases for the global accounting firm.

Computer hacked


NetWalker hacker imprisoned 20 years for ransomware attacks


Sebastien Vachon-Desjardins, a former Canadian government employee who played part in widespread NetWalker ransomware attacks, was sentenced to 20 years in prison and ordered to forfeit the $21.5 million U.S. investigators said he received from his victims.

SEC office


Compass Minerals fined $12M for disclosure control lapses


Compass Minerals International, a Kansas-based mining company, agreed to pay a $12 million fine to the Securities and Exchange Commission to resolve allegations deficiencies in its disclosure controls led to failures at facilities it operates in Canada and Brazil.