TORONTO (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 penalized 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 behavior as quickly as possible,” a Fintrac spokesman said.
Reporting by Matt Scuffham; Editing by Sandra Maler