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FINTRAC cites Exchange Bank of Canada with AML failures

Image of the Canadian flag flying in the Financial District of Toronto.
Photo: Gary Hershorn/Getty Images

Julie DiMauro

1 min read
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Monitoring and reporting shortcomings included not submitting SARs where there were reasonable grounds to suspect transactions were related to money laundering or terrorist financing.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced that it has imposed an administrative monetary penalty on Exchange Bank of Canada in the amount of $2,457,750.

Following a compliance examination that took place between December 2022 and April 2024, the Toronto-based bank was charged with noncompliance with Part 1 of the

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