paper with words anti-money laundering

Laurentian Bank of Canada has been sanctioned by the federal anti-money laundering agency, the Financial Transactions and Reports Analysis Centre (FINTRAC), for a past compliance violation.

FINTRAC imposed an administrative monetary penalty of $486,750 on Laurentian Bank, after a compliance review in 2020 concluded that the bank violated AML rules by failing to submit suspicious transaction reports, “where there were reasonable grounds to suspect that transactions were related to a money laundering offence.”

The compliance exam covered the period from January 2018 to March 2019, and FINTRAC said that the bank has paid its penalty, and that the case is now closed.

“FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the (Proceeds of Crime (Money Laundering) and Terrorist Financing) Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed,” FINTRAC CEO Sarah Paquet said in a release.