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FINTRAC imposes an administrative monetary penalty on Industrial and Commercial Bank of China (Canada)

From the Financial Transactions and Reports Analysis Centre

News release

December 23, 2021, Ottawa ON

FINTRAC announced today that it has imposed an administrative monetary penalty on the Industrial and Commercial Bank of China (Canada), also operating as ICBC (Canada), ICBK (Canada) and ICBK. Following a compliance examination in 2019, this bank in Toronto, Ontario, was imposed an administrative monetary penalty of $701,250 on October 4, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

The Industrial and Commercial Bank of China (Canada) was found to have committed the following administrative violations:

The administrative monetary penalty has been paid in full by the Industrial and Commercial Bank of China (Canada) and the case is closed.

Quote

"Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada's economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed."

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

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