Analysts say there was no good justification to keep Manulife's name hidden for a year after it was penalized for violating reporting requirements in anti-money laundering law.
Canada’s financial intelligence agency has confirmed the name of a bank fined $1.15 million last year, but won’t answer questions about an agreement it signed to keep the bank's name secret.
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.