FCC Flash

On December 7, 2023, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative penalty of USD 0.98 million on the Canadian Imperial Bank of Commerce for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.

To know more, click here: https://www.fcctimes.com/2023/12/07/cibc-penalized-1-3m-for-failing-to-report-money-laundering-suspicions/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash15Dec

The investigation into CIBC’s activities revealed instances of failure to submit necessary reports, including:

  • Failure to submit a suspicious transaction report when there were reasonable grounds to suspect that transactions were related to money laundering or terrorist activity financing.
  • Failure to submit incoming electronic funds transfer reports with prescribed information.

CIBC has paid the full administrative monetary penalty, and proceedings have concluded.