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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-08T15:42:00
For the second time this week, Canada’s financial intelligence agency announced a seven-figure penalty against a bank for alleged deficiencies regarding suspicious transaction reporting.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said in a news release Thursday it fined the Canadian Imperial Bank of Commerce (CIBC) more than 1.3 million Canadian dollars (then-U.S. $950,000) on Oct. 23 for noncompliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The announcement follows a similar action FINTRAC disclosed Tuesday against Royal Bank of Canada, under which RBC was assessed a CAD$7.5 million (then-U.S. $5.5 million) penalty.
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News and analysis for the well-informed compliance or audit exec.
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2024-01-29T22:43:00Z By Jeff Dale
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.
2024-01-09T17:24:00Z By Kyle Brasseur
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.
2023-12-06T21:17:00Z By Kyle Brasseur
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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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