Regulatory Alerts2024-12-11
Added · Updated
FINTRAC imposes an administrative monetary penalty on Exchange Bank of Canada
FINTRAC has imposed a $2,457,750 administrative monetary penalty on Exchange Bank of Canada for systemic non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The penalty stems from a compliance examination that identified the bank’s failure to file suspicious transaction reports, conduct ongoing client monitoring, and report cash receipts of $10,000 or more. Issued on November 5, 2024, the sanction enforces adherence to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
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