Exchange Bank of Canada fined C$2.5m for reporting and monitoring breaches

Toronto-based Exchange Bank of Canada must pay a civil penalty of C$2,447,750 (US$1,732,886) after FINTRAC, Canada's financial intelligence unit, identified anti-money laundering deficiencies during an examination that ran between December 2022 and April 2024.

Toronto-based Exchange Bank of Canada must pay a civil penalty of C$2,447,750 (US$1,732,886) after FINTRAC, Canada's financial intelligence unit, identified anti-money laundering deficiencies during an examination that ran between December 2022 and April 2024. [1]