The Canadian Imperial Bank of Commerce (CIBC), headquartered in Toronto, Ontario, received an administrative monetary penalty of $1,329,150 on October 23, 2023, for two violations related to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Violation #1: CIBC failed to report financial transactions with reasonable suspicion of being linked to money laundering or terrorist activity, contrary to section 7 of the Act. Despite a client’s arrest and criminal charges, the bank deemed the transactions normal, neglecting indicators and contextual information pointing to potential illicit activity.
Violation #2: CIBC failed to report electronic funds transfers of $10,000 or more from outside Canada, as required by the Regulations. An examination revealed 1,003 instances of non-compliance, exposing gaps in the bank’s reporting processes for incoming SWIFT payments and its testing for compliance reporting requirements.
The bank has paid the penalty in full, and proceedings have concluded. The penalty is for administrative violations, not criminal offenses related to money laundering or terrorist financing.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}