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FINTRAC imposes an administrative monetary penalty on Laurentian Bank of Canada

[2022-04-29]

Laurentian Bank of Canada, also operating as Banque Laurentienne du Canada, a bank in Montréal, Quebec, was imposed an administrative monetary penalty of $486,750 on February 17, 2022, for committing one violation. The violation was found during the course of a compliance examination in 2020. The penalty has been paid and the case is closed.

Nature of Violation

Violation #1 – Failure to report suspicious transactions – PCMLTFA 7

Laurentian Bank of Canada failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering offence.

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