CBC: Bank fined $1.15M for violating anti-money laundering reporting rules was Manulife
By StaffNews Public Sector antimoney bank cbc investigates financial transactions and reports analysis centre of canada fintrac gerald cossette laundering manulife manulife bank of canada proceeds of crime (money laundering) and terrorist financing act
According to a CBC investigates article, “the head of Canada's financial crime watchdog agency is second-guessing his decision last year to withhold the name of a bank — which CBC Investigates has identified as Manulife Bank of Canada — fined $1.15 million for not reporting hundreds of transactions it was obligated to report under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.”
The article goes on to say this bank was the first in Canada to be penalized under the country’s expanded money laundering rules, which were amended in 2002 to include terrorist financing, and that the public had expressed outrage to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) about the refusal to share the name of the bank.
FINTRAC director Gérald Cossette told CBC News he is looking into a review of FINTRAC’s penalty policies.
CBC News sources confirmed the case involves Manulife Bank and its failure to report 1,174 international electronic money transfers, 45 cash transactions involving at least $10,000 each, as well as one suspicious transaction.
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