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

Joly to plead for humanitarian pauses as she says time is running out to help in Gaza

Joly to plead for humanitarian pauses as she says time is running out to help in Gaza
Foreign Affairs Minister Mélanie Joly says time is running out to help people in Gaza. In a speech to the Economic Club of Canada in Toronto this afternoon, Joly is expected to plead for humanitarian pauses in the Israel-Hamas conflict to allow more aid to get into the Hamas-controlled Gaza Strip, which is home to more than two million Palestinians.

Joly to plead for humanitarian pauses as she says time is running out to help in Gaza

Poilievre calls on Liberals to exempt all forms of home heating from carbon price

Poilievre calls on Liberals to exempt all forms of home heating from carbon price
Conservative Leader Pierre Poilievre is calling on the Liberals to exempt all forms of home heating from the carbon price, after Prime Minister Justin Trudeau announced an exemption for three years that only applies to home heating oil. The federal government announced last week that it is increasing the carbon price rebate for rural Canadians and lifting the carbon price off home heating oil entirely for the next three years.

Poilievre calls on Liberals to exempt all forms of home heating from carbon price

Cold snap hits BC

Cold snap hits BC
An unseasonable cold snap covering much of the province broke records over the weekend, including one that had been in place for more than a century. Environment Canada reports at least eight new lows for the record books, such as Nelson’s low of at minus 4.9 degrees, exceeding the 4.4 degrees set in 1905.

Cold snap hits BC

BC safety coalition to launch today

BC safety coalition to launch today
A new provincewide public safety coalition that includes community and business groups, citizens and well-known B-C retailers is set to launch today. A statement says the coalition wants governments to work together and act quickly on crime and violence issues in communities across B-C.

BC safety coalition to launch today

Sikh independence vote in B.C.sees thousands turnout amid Canada-India tensions

Sikh independence vote in B.C.sees thousands turnout amid Canada-India tensions
A second referendum on Khalistan — an independent state in India proposed by some Sikhs — was held today at the same Surrey gurdwara where activist Hardeep Singh Nijjar was shot dead in June. Sarbraj Kahlon, news director at Radio Punjab who was at the referendum site, called the latest vote a success after 65,700 people turned out in Surrey Sunday to cast ballots. 

Sikh independence vote in B.C.sees thousands turnout amid Canada-India tensions

Police watchdog asks Crown to consider charges against officers in B.C. shooting

Police watchdog asks Crown to consider charges against officers in B.C. shooting
A statement from B.C.'s Independent Investigations Office says it has submitted a report to the prosecution service for consideration of charges related to the July 2021 incident in Campbell River on Vancouver Island. It says an interaction took place between a man and police at the drive-through window of a local business, during which police fired shots and the driver of the vehicle was killed. 

Police watchdog asks Crown to consider charges against officers in B.C. shooting