Fintrac stepping up enforcement with much higher fines
Canada’s financial watchdog increasing fines While some critics may say this new development is long overdue to be more in step with other countries like the US, it is nevertheless welcome if financial institutions are failing to do their job in unnecessarily sending money to proceeds of crime without taking precautionary measures to avoid it. The Canadian Press article below shows how if this new fine regime coming in had been applied to TD Bank’s failure to report suspicious transactions how much more the fine would be – from the $9.2 […]