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Financial Transactions and Reports Analysis Centre of Canada
Year 2000Regulated by Government
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)，founded in 2000, is Canada’s financial intelligence unit (FIU)， with its headquater located in Ottawa. FINTRAC is established by, and operates within the ambit of, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations. The Centre is mainly responsible for the detection, prevention and deterrence of money laundering and the financing of terrorist activities financing and other threats to the security of Canada.
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Disclosure summary
- Disclosure matching Name matching
- Disclosure time 2022-04-29
- Penalty amount $ 486,750.00 USD
- Reason for punishment Laurentian Bank of Canada, also operating as Banque Laurentienne du Canada, a bank in Montréal, Quebec, was imposed an administrative monetary penalty of $486,750 on February 17, 2022, for committing one violation.
Disclosure details
FINTRAC imposes an administrative monetary penalty on Laurentian Bank of Canada
FINTRAC imposes an administrative monetary penalty on Laurentian Bank of Canada
[2022-04-29]
Laurentian Bank of Canada, also operating as Banque Laurentienne du Canada, a bank in Montréal, Quebec, was imposed an administrative monetary penalty of $486,750 on February 17, 2022, for committing one violation. The violation was found during the course of a compliance examination in 2020. The penalty has been paid and the case is closed.
Nature of violation
Violation #1 – Failure to report suspicious transactions – PCMLTFA 7
Laurentian Bank of Canada failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence.
Annex
More regulatory disclosure
Sanction
2023-12-07
Sanction
2023-03-24