Under the new rules, FINTRAC may impose much higher maximum penalties and make greater use of formal tools to force firms to fix compliance problems.
FINTRAC
FINTRAC’s ability to respond to organized extortion networks has been improved with new measures.
After a widely-criticized penalty against TD in 2024, FINTRAC signaled a shift towards bigger fines and earlier intervention.
The latest in the Canadian financial regulator's string of AML/CFT enforcement actions.
Canadian government moves to close gaps in its AML regime.
Canada’s anti-money-laundering and terrorist financing watchdog significantly increased its activity over the last year.
The agency's director and CEO, Sarah Paquet, described the penalty as an "unprecedented enforcement action."
Enforcement
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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.