A SECOND Canadian bank has been fined for failure to submit ,STRs, it was announced this week. FINTRAC said Thursday it has imposed an administrative monetary penalty of C$1.3M on the Canadian Imperial Bank of Commerce (CIBC), also operating as Banque Canadienne Impériale de Commerce. The lender failed AML processes in two areas: Failure to…
AML, Banking, Canada, Compliance, Financial Crime, Regulatory
NEWS: CIBC is Canada’s latest bank fined for failure to submit STRs, hit with C$1.3M penalty
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BINANCE FINED: Sarah Paquet, FINTRAC’s director and CEO, said companies abiding by the country’s AML regulations are vital to “protect the safety of Canadians and the security of Canada’s economy”.