Canada's Financial Transactions and Reports Analysis Center (FINTRAC) fined Canadian Imperial Bank of Commerce (CIBC) $1.3 million for allegedly neglecting to file a suspicious transaction report. The Financial Intelligence Agency of Canada has assessed fines for violations of anti-money laundering and terrorism funding laws. The sanction imposed on CIBC follows a $7.4 million fine imposed on Royal Bank of Canada on Tuesday.
According to FINTRAK, CIBC neglected to submit a suspicious transaction report when it had cause to suspect it was tied to money laundering or terrorist activity. Failure to report information on substantial cash transactions from outside of Canada. Fintrack further said that despite knowing that the customer had been arrested, CIBC failed to report the transaction.