Federal regulators have fined the Canadian operations of China’s biggest state-controlled bank $701,250 under the Proceeds of Crime and Terrorist Financing Act.
ICBC breached the Act by “failure to submit suspicious transaction reports where there were reasonable grounds to suspect transactions were related to a money laundering or terrorist financing offence,” and “failure to treat activities in respect of a person or entity as high risk.” Details were withheld by investigators.
The bank claims “paperwork” mistakes were to blame, and the Act wasn’t breached.
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