- 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.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
