Regulatory Alerts2025-10-16
FINTRAC imposes an administrative monetary penalty on First Nations Bank of Canada
FINTRAC imposed a $601,139.80 administrative monetary penalty on First Nations Bank of Canada for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act following a compliance examination. The bank failed to submit required suspicious transaction reports, develop and maintain updated compliance policies, assess money laundering and terrorist financing risks, implement prescribed special measures, and conduct ongoing monitoring of business relationships. This enforcement action underscores FINTRAC's commitment to ensuring financial institutions adhere to anti-money laundering and anti-terrorist financing obligations to safeguard Canada's economy and national security.
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