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# Canada's FINTRAC Imposes C$2.46 Million Penalty on Exchange Bank of Canada for AML Failures
- URL: https://www.theglobalbanker.com/fintrac-exchange-bank-canada-aml-penalty-2-46-million-november-2024/
- Published: 2024-12-11T14:11:00.000Z
- Updated: 2026-10-02T13:36:42.000Z
- Description: FINTRAC imposed a C$2,457,750 penalty on Exchange Bank of Canada on 5 November 2024 for failures to report suspicious transactions, conduct ongoing monitoring, and report large cash transactions.
- Author: TGB Editorial Team
- Tags: Regulations, Americas, #archive

Canada's Financial Transactions and Reports Analysis Centre, FINTRAC, imposed a penalty of C$2,457,750 on Exchange Bank of Canada on 5 November 2024, following a supervisory examination of the institution's compliance with federal anti-money laundering and anti-terrorist financing obligations. The examination covered the period from December 2022 to April 2024 and identified multiple categories of failure in the bank's compliance programme.

#### THREE CATEGORIES OF COMPLIANCE FAILURE

FINTRAC's examination identified three principal categories of compliance failure at Exchange Bank of Canada. First, the institution failed to submit suspicious transaction reports as required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Second, the bank failed to conduct adequate ongoing monitoring of its business relationships. Third, it failed to report large cash transactions of C$10,000 or more.

Exchange Bank of Canada specialises in foreign currency exchange and international payments. 

#### PUBLIC DISCLOSURE FINTRAC publishes details of administrative monetary penalties on its public website.