Regulatory Alerts2022-04-29
FINTRAC Imposes an Administrative Monetary Penalty on Laurentian Bank of Canada
FINTRAC imposed a $486,750 administrative monetary penalty on Laurentian Bank of Canada for failing to submit required suspicious transaction reports between January 2018 and March 2019. The enforcement action follows a 2020 compliance examination that identified violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, specifically the bank's omission of reports where reasonable grounds for suspected money laundering existed. The institution has satisfied the financial penalty in full, concluding the regulatory case under Canada’s publicly disclosed anti-money laundering enforcement framework.
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