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Canadian bank fined for suspicious transaction

Xinhua, April 6, 2016 Adjust font size:

An unnamed Canadian bank has been fined 1.1 million Canadian dollars (0.8 million U.S. dollars) for failing to report a suspicious transaction and various money transfers, the Canadian Broadcasting Corporation said Wednesday.

The fine was levied by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the federal financial intelligence unit. Its mandate is to track cash flows linked to terrorism, money laundering and other crimes by sifting through millions of pieces of data annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.

It is the first time that the Ottawa-based FINTRAC has penalized a bank and is seen as a warning to thousands of other businesses.

The penalty comes amid heightened scrutiny of Canadian financial institutions due to the global scandal over hidden offshore accounts, known as the Panama Papers.

Some 31,000 businesses across the country must furnish FINTRAC with reports. The agency, in turn, provided 1,260 disclosures of financial intelligence to police and national security partners in 2014 and 2015. Endi