Canadian AML regulator to seek penalty program review after shielding Manulife in record fine
13 Mar 2017

Canada’s anti-money laundering (AML) regulator will pursue a legislative review targeting its penalty program, following sustained public scrutiny over the agency’s 2016 decision to withhold the identity of a bank it sanctioned with a record fine, Gérald Cossette, director of the Financial Transactions and Reports Analysis Centre (FINTRAC), said in a statement February 27.

Cossette’s pledge came hours after Manulife Financial Corporation confirmed a CBC News report naming it as the bank fined C$1.15 million last April for numerous transaction reporting failures.

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