UPDATE 1-Canada agency fines bank for not reporting suspect transaction

Tue Apr 5, 2016 5:52pm EDT
 
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* Fintrac chooses not to name bank

* Agency says wants to send strong message of deterrence (Adds comment from Fintrac)

TORONTO, April 5 (Reuters) - Canada's financial intelligence agency has fined an unnamed Canadian bank C$1.1 million (US$837,330) for failing to report a suspicious transaction and various money transfers.

This is the first time the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, has penalised a bank.

Fintrac did not disclose which bank had been penalized.

"In this particular case we are exercising our discretion to withhold the name of the bank and we're doing that so we can send a strong message of deterrence now and to bring about improved compliance behaviour as quickly as possible," a Fintrac spokesman said.

(Reporting by Matt Scuffham; Editing by Sandra Maler)