Anti-Financial Crime & Financial Crime Compliance
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NEWS: CIBC is Canada’s latest bank fined for failure to submit STRs, hit with C$1.3M penalty

CIBC FINE: FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed," said Sarah Paquet, CEO of FINTRAC.

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…

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