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FINTRAC Enforcement Action: Laurentian Bank of Canada

FINTRAC imposes an administrative monetary penalty on Laurentian Bank of Canada

From the Financial Transactions and Reports Analysis Centre

News Release

April 29, 2022, Ottawa ON

FINTRAC announced today that it has imposed an administrative monetary penalty on Laurentian Bank of Canada, also operating as Banque Laurentienne du Canada. On February 17, 2022, FINTRAC imposed a penalty of $486,750 on Laurentian Bank of Canada for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. The penalty follows a compliance examination in 2020 for a period covering January 2018 to March 2019.

Laurentian Bank of Canada was found to have committed the following administrative violation:

  • Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence.

The administrative monetary penalty has been paid in full by Laurentian Bank of Canada and the case is closed.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

Quick Facts

  • As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
  • Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
  • FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
  • With the changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2019, FINTRAC is required to make public the name of all persons and entities that receive an administrative monetary penalty.

Link:

FINTRAC Notice

Categories: Anti-Money Laundering Civil Monetary Penalties Enforcement Actions FINTRAC Updates

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