Close X
Monday, January 27, 2025
ADVT 
National

Canadian Bank Fined $1.1 Million For Failing To Report Suspicious Dealing

Darpan News Desk The Canadian Press, 05 Apr, 2016 12:56 PM
    OTTAWA — The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and various money transfers.
     
    It is the first time the Ottawa-based Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, has penalized a bank.
     
    The centre identifies cash linked to terrorism, money laundering and other crimes by sifting through millions of pieces of data annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.
     
    Fintrac spokesman Darren Gibb says he cannot legally discuss details of the bank's infraction, and the agency is exercising its discretion to withhold the financial institution's identity.
     
    But Fintrac wants to send a strong message that it will take whatever measures are needed to encourage compliance with the law.
     
    The announcement comes amid heightened scrutiny of Canadian financial institutions due to leaked files, known as the Panama Papers, about dubious global dealings.

    MORE National ARTICLES

    Dalhousie Students Design Game To Help Peacekeepers Deal With Child Soldiers

    Dalhousie Students Design Game To Help Peacekeepers Deal With Child Soldiers
    The game presents interactive scenarios for peacekeepers who encounter child soldiers.

    Dalhousie Students Design Game To Help Peacekeepers Deal With Child Soldiers

    Abbotsford Shooting That Injured Two Men Was Not Random: Police

    Abbotsford Shooting That Injured Two Men Was Not Random: Police
    Police in that Fraser Valley city say they were called to a home just south of Highway 1, not far from the Abbotsford Centre, just after 9 p.m. Thursday night.

    Abbotsford Shooting That Injured Two Men Was Not Random: Police

    Woman Steals Vancouver Police Car Crashes Into Burnaby Building

    Woman Steals Vancouver Police Car Crashes Into Burnaby Building
    Vancouver Police are investigating a stolen cruiser incident, after a woman took off in a marked police car last night in the Downtown Eastside.

    Woman Steals Vancouver Police Car Crashes Into Burnaby Building

    Police Release Terrifying Photo Of Axe-Wielding Robber In Tinted Helmet

    Police Release Terrifying Photo Of Axe-Wielding Robber In Tinted Helmet
    RCMP Cpl. Rick Mills says in nine years he has never seen a convenience store robbery similar to the one Saturday night in Happy Valley-Goose Bay, Labrador

    Police Release Terrifying Photo Of Axe-Wielding Robber In Tinted Helmet

    Jewish Groups Demand Ottawa Strip Helmut Oberlander Of Citizenship, Deport Him From Canada

    Jewish Groups Demand Ottawa Strip Helmut Oberlander Of Citizenship, Deport Him From Canada
    In a letter to Citizenship Minister John McCallum, the groups say it's time to put an end to what has been a 20-year battle to deport Helmut Oberlander.

    Jewish Groups Demand Ottawa Strip Helmut Oberlander Of Citizenship, Deport Him From Canada

    Homeless Saskatchewan Man Given One-way Bus Ticket Hopes For New Life In B.C.

    Homeless Saskatchewan Man Given One-way Bus Ticket Hopes For New Life In B.C.
    Charles Neil-Curly, 23, has been homeless for about five months and living in a North Battleford, Sask. shelter, but he says the province cut his funding, forcing him to find somewhere else to go.

    Homeless Saskatchewan Man Given One-way Bus Ticket Hopes For New Life In B.C.