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FINTRAC cites Exchange Bank of Canada with AML failures
Monitoring and reporting shortcomings included not submitting SARs where there were reasonable grounds to suspect transactions were related to money laundering or terrorist financing.
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Canada updates guidance on forced and child labor reporting
The law is in line with international efforts to curb human rights abuses in supply chains.
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Canada’s FINTRAC and CIRO publish FY24 annual enforcement reports
Besides investigating suspicions of violations and bringing enforcement actions, FINTRAC offers tools to firms to help them mitigate money laundering and terrorist financing risks.
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GRIP Extra: Gensler and Lizárraga out at SEC, Hwang gets 18 years
Other news includes Microsoft state cyberattack appeals, greenwashing claims against Canadian banks, Northvolt files for bankruptcy and Chinese firms expand California presence.
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GRIP Extra: Cash app Dave in regulatory cross-hairs, Shell wins appeal
Other news includes obesity crisis in America, CFTC awards to whistleblowers, COP29 tensions and pension reforms in the UK.
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Canada’s consumer regulator fines TD bank over rebate failures
The relatively small fine is added to a list of massive penalties the beleaguered Canadian bank has recently sustained.
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OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur.
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GRIP Extra – TD ratings downgraded, the UK focuses on growth
Also in the news this week performance needs to improve at Boeing, 100m people affected by UnitedHealth data breach, Intel wins big in the EU courts and a hefty fine for LinkedIn.