The Financial Transactions and Reports Analysis Center (FINTRAC) of Canada has imposed an administrative monetary penalty of CAD 486,750 ($377,972) on Laurentian Bank of Canada for non-compliance with the country’s AML/CFT regulations.
FINTRAC’s decision comes after a compliance review of the Bank in 2020. This review covered the period between January 2018 to March 2019. The Bank failed to submit suspicious transaction reports when it should have reasonably suspected that the transactions had links to money laundering.
Note that the Bank has already paid the administrative monetary penalty in full.
Source: FINTRAC, Canada
