Better Dwelling | Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance
In the below article from Better Dwelling, Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body says the bank failed to file suspicious transaction reports, even when they had reasonable grounds to suspect money laundering or terrorist financing....
Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance - Better Dwelling
