Language selection

Search

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:

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

Related Products

Contacts

Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

Follow us on
Twitter: @FINTRAC_Canada
LinkedIn: FINTRAC Canada|CANAFE Canada

Date Modified: