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Regulatory Watch News

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  Administrative monetary penalties: Changes following legislative amendments

  FINTRAC

  May 6, 2026

  FINTRAC has had the legislative authority to issue administrative monetary penalties to reporting entities that are in non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations since December 30, 2008. The Strengthening Canada’s Immigration System and Borders Act (Bill C-12), which received Royal Assent on March 26, 2026, introduces a new administrative monetary penalties framework under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

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  OLAF helps uncover suspected textile diversion scheme

  OLAF

  May 6, 2026

  The European Anti-Fraud Office (OLAF) has supported a coordinated customs operation with Polish and Spanish customs that led to the seizure of several containers of textiles suspected of being diverted onto the EU grey market instead of being exported to Africa as declared. The operation focused on flows of goods transported from China towards Africa via a rail corridor entering the European Union through Poland and then expected to leave the EU via the ports of Spain to Africa. According to customs declarations, the goods – mainly textiles – were only transiting through the EU and were not intended for the sale on European market.

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  Scam alert related to banks

  HKMA

  May 6, 2026

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA.  Hyperlinks to the press releases are available on the HKMA website.  

  Bank	Type of Scam
  The Bank of East Asia, Limited	Fraudulent website and internet banking login screen
  Shanghai Commercial Bank Limited	Fraudulent website and internet banking login screen
  Chong Hing Bank Limited	Fraudulent website and internet banking login screen
  OCBC Bank (Hong Kong) Limited	Fraudulent websites and internet banking login screens