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.