Canada PCMLTFA

Five firms face administrative monetary penalties after exams found gaps in AML programs and suspicious transaction reporting.

Canadian government moves to close gaps in its AML regime.

The agency’s director and CEO, Sarah Paquet, described the penalty as an “unprecedented enforcement action.”

The agency claims the bank neglected to file STRs in 31% of cases containing at least one suspicious transaction, among other deficiencies.

The penalty comes amidst a push by Canadian legislators for tougher AML penalties and lower thresholds for scrutiny.