Close X
Wednesday, December 4, 2024
ADVT 
National

Financial intelligence agency levies $1.3 million penalty against CIBC

Darpan News Desk The Canadian Press, 07 Dec, 2023 10:43 AM
  • Financial intelligence agency levies $1.3 million penalty against CIBC

Canada's financial intelligence agency says it has levied a $1.3-million penalty against CIBC for non-compliance with money laundering and terrorist financing measures.

The penalty is the second the Financial Transactions and Reports Analysis Centre of Canada has announced this week after RBC's $7.4-million fine was publicized on Tuesday.

The agency, known as Fintrac, says it imposed the penalty over CIBC's failure to submit a suspicious transaction report when there were grounds to suspect it was related to money laundering or terrorist activity, and failures to report information related to large money transfers from outside Canada.

Fintrac tries to pinpoint money linked to illicit activities by electronically sifting through millions of pieces of information each year from banks, insurance companies, money services businesses and others.

It says it found an instance where CIBC didn't file a suspicious transaction report even as it knew the client had been arrested and charged with criminal offences, while the agency's review also found over a thousand instances, out of a sample of 20,000, where information related to money transfers was incomplete. 

CIBC spokesman Tom Wallis says the administrative matters are related to a relatively small number of transactions and that the bank will continue to identify, investigate and do its part to deter and detect financial crimes.

 

MORE National ARTICLES

Climate change: Droughts, heavy rain turn Canada's pumpkin harvest spooky

Climate change: Droughts, heavy rain turn Canada's pumpkin harvest spooky
Severe weather across Canada caused by climate change has wreaked havoc with the pumpkin harvest this year. Nova Scotia pumpkin farmer Danny Dill says the spring planting season was arid because of wildfires, then heavy rains in the summer flooded his fields.

Climate change: Droughts, heavy rain turn Canada's pumpkin harvest spooky

Canada expands drug strategy to prevent more overdoses, provide additional services

Canada expands drug strategy to prevent more overdoses, provide additional services
The federal government is expanding its drug and substance use strategy to try to save more lives and provide more services to people disproportionately affected by Canada's overdose crisis. Health Canada says the drug landscape has changed with an increasingly toxic supply since the strategy was first developed in 2016. 

Canada expands drug strategy to prevent more overdoses, provide additional services

B.C. coalition seeks 'critical' crackdown on violent retail crime

B.C. coalition seeks 'critical' crackdown on violent retail crime
A group of more than 30 British Columbia retailers, trade associations and other organizations is calling for a co-ordinated government response for repeat offenders they say are behind a wave of theft, vandalism and violent crime. The Save Our Streets coalition says the need for immediate action is "critical" to meet threats to staff safety, rising security costs and the community impact.

B.C. coalition seeks 'critical' crackdown on violent retail crime

Health professionals, not police should care for intoxicated prisoners: B.C. watchdog

Health professionals, not police should care for intoxicated prisoners: B.C. watchdog
The head of British Columbia's police watchdog says caring for intoxicated prisoners is a health-care issue and shouldn't be a police responsibility.  A report released by Ronald J. MacDonald, the chief civilian director of the Independent Investigations Office, says holding those who are intoxicated in jail cells is outdated and offers no guarantee of their safety and health.

Health professionals, not police should care for intoxicated prisoners: B.C. watchdog

B.C. non-profits to receive $60 million from government to help with their work: Eby

B.C. non-profits to receive $60 million from government to help with their work: Eby
Certain non-profit organizations in British Columbia are getting $60 million from the government in grant funding to help them do their work. Premier David Eby says the help of non-profits is crucial and they benefit the people of B.C. with community supports, arts and cultural services and assistance to find affordable housing.

B.C. non-profits to receive $60 million from government to help with their work: Eby

B.C. raises pay $2 per hour for daycare workers at licensed facilities

B.C. raises pay $2 per hour for daycare workers at licensed facilities
B.C.'s Education and Child Care Ministry says the $2-per-hour raise and previous wage boosts totalling $4 an hour since 2018 will increase the hourly wage for early childhood educators to $28 per hour.  The ministry says early childhood educators who hold specialized certificates for infant, toddler and special needs education are also eligible for up to $3,000 extra per year.  

B.C. raises pay $2 per hour for daycare workers at licensed facilities