Regulatory Alerts2021-12-23
FINTRAC imposes an administrative monetary penalty on Industrial and Commercial Bank of China (Canada)
FINTRAC has imposed a $701,250 administrative monetary penalty on the Industrial and Commercial Bank of China (Canada) for violating anti-money laundering and terrorist financing regulations. The bank was found non-compliant for failing to apply enhanced due diligence to high-risk entities, neglecting to file suspicious transaction reports, and omitting required reviews of its compliance procedures. The financial institution has paid the full penalty, closing the enforcement case while reinforcing FINTRAC's commitment to holding regulated entities accountable under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Share