Federal officials did not buy the explanation of Canada's financial intelligence agency for protecting the name of the bank that violated money-laundering rules.
An internal email, released through access to information legislation, shows that FINTRAC had shared some information in advance with Canadian bankers about the $1.1-million penalty.
Canada's financial intelligence agency is refusing to release the name of a bank that violated Canada's money-laundering laws 1,225 times. The bank received a $1.1 million penalty earlier this year.
After fining a Canadian bank $1.1 million, a financial spy agency is now pursuing a number of other large businesses in court for for sloppy oversight or failures to report suspicious activities.
The federal anti−money laundering agency has levied a $1.1−million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and various money transfers.