- 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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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.
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.
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.
Generic drug giant Teva Pharmaceuticals has agreed to pay $450 million to settle two cases brought by the Department of Justice (DOJ), including one alleging that co-pays it made on behalf of Medicare patients constituted illegal kickbacks, and a second action for alleged generic drug price fixing.
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
