Canada: Manulife revealed as bank fined $1.15M for violating anti-money laundering reporting rules
28 Feb 2017

The head of Canada’s financial crime watchdog agency is second-guessing his decision last year to withhold the name of a bank — which CBC Investigates has identified as Manulife Bank of Canada — fined $1.15 million for not reporting hundreds of transactions it was obligated to report under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) received an earful from angry Canadians upset that it wouldn’t share the name of the bank — the first in Canada to be penalized under the country’s expanded money laundering rules, which were amended in 2002 to include terrorist financing.

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