- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-08T15:42:00
For the second time this week, Canada’s financial intelligence agency announced a seven-figure penalty against a bank for alleged deficiencies regarding suspicious transaction reporting.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said in a news release Thursday it fined the Canadian Imperial Bank of Commerce (CIBC) more than 1.3 million Canadian dollars (then-U.S. $950,000) on Oct. 23 for noncompliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The announcement follows a similar action FINTRAC disclosed Tuesday against Royal Bank of Canada, under which RBC was assessed a CAD$7.5 million (then-U.S. $5.5 million) penalty.
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Canada’s anti-money laundering regulator fined Toronto-based real estate firm Jones Lang Lasalle $107,827 Canadian dollars (U.S. $77,632) for six violations of its anti-money laundering rules, after discovering gaps in recordkeeping and reporting requirements for know your customer rules.
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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
