The First Nations Bank of Canada (FNBC) has been fined more than $600,000 by Canada’s financial intelligence agency for violations of rules around money laundering and terrorist activity financing.
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on Oct. 16 that it fined the bank $601,139.80 on Sept. 22 for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
The statement from FINTRAC lists five administrative violations it says the bank was found to have committed.
It said the bank failed to submit suspicious transaction reports when there were “reasonable grounds to suspect” that the transactions were related to money laundering or a terrorist activity financing offence….