Canada’s financial intelligence agency says it has levied a $1.3-million penalty against CIBC for non-compliance with money laundering and terrorist financing measures.
The penalty is the second the Financial Transactions and Reports Analysis Centre of Canada has announced this week after RBC’s $7.4-million fine was publicized on Tuesday.
The agency, known as Fintrac, says it imposed the penalty over CIBC’s failure to submit a suspicious transaction report when there were grounds to suspect it was related to money laundering or terrorist activity, and failures to report information related to large money transfers from outside Canada.
Fintrac tries to pinpoint money linked to illicit
