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Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Related Record Keeping

Nov 24, 2017 | Article 

Written by Candace Cooper
(The Six-Minute Commercial Leasing Lawyer 2017)

On February 27, 2016, Manulife Financial Corporation released a brief statement disclosing that an administrative penalty was handed down by The Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") to Manulife Bank. CBC news revealed that the breaches related to the "failure to report 1,174 international electronic money transfers, 45 cash transactions involving at least $10,000 each, as well as one suspicious transaction".2  The penalty, in the amount of $1,154,670, was the first to be enforced against a bank in Canada, and FINTRAC initially withheld the name of the bank being fined until public protect prevailed. Financial institutions across the country took notice. 

Read the full article: Proceeds of Crime_Money Laundering_and Terrorist Financing Act

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