
OTTAWA – Canada’s anti-money laundering agency has imposed a penalty of more than $600,000 on First Nations Bank of Canada for violations under the country’s anti-money laundering laws.
Fintrac imposed an administrative penalty of $601,139.80 on Sept. 22 for five violations found during a compliance examination.
The regulator says the bank failed to submit suspicious transaction reports in 31 per cent of the case files it reviewed where there were reasonable grounds to suspect transactions were related to money laundering or terrorist activity financing.


