Canada’s anti-money-laundering and terrorist financing watchdog significantly increased its activity over the last year.
ATF
The agency’s director and CEO, Sarah Paquet, described the penalty as an “unprecedented enforcement action.”
FINTRAC fines First Nations Bank of Canada C$600,000 for AML/ATF compliance failures
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The agency claims the bank neglected to file STRs in 31% of cases containing at least one suspicious transaction, among other deficiencies.