Canada’s anti-money-laundering watchdog, The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), announced a C$601,139.80 ($428,107) administrative monetary penalty against First Nations Bank of Canada (FNBC), Canada’s largest indigenous-owned bank, after a compliance examination found multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA
FINTRAC fines First Nations Bank of Canada C$600,000 for AML/ATF compliance failures
The agency claims the bank neglected to file STRs in 31% of cases containing at least one suspicious transaction, among other deficiencies.