Exchange Bank of Canada

Administrative monetary penalty on Exchange Bank of Canada From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) [2024-12-11] Exchange Bank of Canada was imposed an administrative monetary penalty of $2,457,750 for committing 3 violations related to Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) compliance. The penalties were issued after a compliance examination found gaps in the bank's AML/ATF program and failure to report suspicious transactions. The three violations include: - Failure to report financial transactions that occurred in the course of its activities and suspected money laundering or terrorist activity financing offences. - Failure to periodically conduct ongoing monitoring based on risk assessment, hindering effective risk mitigation and reporting of suspicious transactions. - Failure to report receipt from a person or entity of an amount of $10,000 or more in cash in a single transaction. The penalty takes into account the criteria in section 73.11 of the Act and associated regulations. The bank has filed a Notice of Appeal.