FINTRAC imposes an administrative monetary penalty on Industrial and Commercial Bank of China (Canada)
[2021-12-23]
Industrial and Commercial Bank of China (Canada), also operating as ICBC (Canada), ICBK (Canada) and ICBK, a bank in Toronto, Ontario, was imposed an administrative monetary penalty of $701,250 on October 4, 2021, for committing three violations. The violations were found during the course of a compliance examination in 2019. The penalty has been paid and the case is closed.
Nature of violation
Violation #1 – Failure to treat activities in respect of a person or entity as high risk and to take the prescribed special measures – PCMLTF Regulations 54.4
Industrial and Commercial Bank of China (Canada) failed to treat activities in respect of some entities as high risk and to take the prescribed special measures.
Violation #2 – Failure to report suspicious transactions – PCMLTFA 7
Industrial and Commercial Bank of China (Canada) failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or a terrorist financing offence.
Violation #3 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)
Industrial and Commercial Bank of China (Canada)'s prescribed review did not assess the effectiveness of some areas of its policies and procedures.
- Date Modified: