Regulatory Alerts2023-12-07
FINTRAC Imposes an Administrative Monetary Penalty on Canadian Imperial Bank of Commerce
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $1,329,150 administrative monetary penalty on the Canadian Imperial Bank of Commerce for violating anti-money laundering regulations. The enforcement action follows a 2021 compliance examination that identified the bank's failure to file required suspicious transaction reports and incoming electronic funds transfer reports. CIBC has paid the penalty in full to resolve these administrative violations, which are separate from criminal money laundering or terrorist financing charges, thereby concluding the proceedings.
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