Canadian bank failed to report 1,200 suspicious transactions

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Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

The unnamed bank, which was fined $1.15 million by Fintrac, committed a “very severe” breach of laws against money laundering by failing to report suspicious transactions, according to documents obtained by the Toronto Star and National Observer.

Attempt to move at least $12 million through bank

A convicted felon attempted to move at least $12 million through a Canadian bank, which failed to report the transactions to authorities in a breach of anti-money-laundering law. For keeping the transactions secret, the bank, whose name has been removed from the documents, was fined $1.15 million — the first and only time a bank has been penalized for this kind of offence in Canada.

Read more at The Toronto Star.

This article is summarized by Canadian Fraud News Inc.