- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-06T21:17:00
Royal Bank of Canada (RBC) was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
The penalty was imposed Nov. 3 but announced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Tuesday. The agency said it found evidence of noncompliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act at RBC following an examination in 2022.
FINTRAC alleged three specific violations at RBC.
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The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
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