Canadian government fines China’s largest bank

Industrial and Commercial Bank of China fined $ 701,000 by FINTRAC

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Federal regulators have fined the Canadian operations of China’s largest state-controlled bank $ 701,250 under the Proceeds of Crime and Terrorism Financing Act.

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The Blacklock Reporter reports that it was the biggest fine of its kind this year.

The Industrial and Commercial Bank of China (ICBC) faces a fine for failing to report a suspicious account.

“We will be firm. We will take appropriate action when necessary, ”said Sarah Paquet, CEO of the Financial Transactions and Reports Analysis Center (FINTRAC), in a statement.

Financial institutions are required by law to report all cash transactions of $ 10,000 or more to FINTRAC.

ICBC broke the law by “failing to submit suspicious transaction reports where there were reasonable grounds to suspect that the transactions were related to a money laundering or terrorist financing offense” and “failing to submit to treat activities involving a person or entity as high risk ”. Details were withheld from investigators.

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Bank claims “document” errors were to blame and law was not broken

“There is no evidence of misconduct,” ICBC management wrote in a statement.

The fine has been paid and the bank “considers this case closed”, they said.

“A routine FINTRAC review in 2019 identified gaps in the Bank’s anti-money laundering program in limited circumstances. The bank reviewed the findings and concluded that they were human and administrative errors.

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FINTRAC appointed ICBC under a disclosure policy established in 2018 following protests from MPs after investigators attempted to hide a $ 1.5 million fine paid by Manulife under a private settlement.

“Bank fined over $ 1 million and name withheld,” Liberal MP Nathaniel Erskine-Smith said at a 2018 House Ethics Committee hearing of the communes.

“The name has an incredibly powerful deterrent effect. Can’t we see this?

The Industrial and Commercial Bank of China has branches in Vancouver and Richmond, British Columbia, Calgary, Toronto, Richmond Hill, Markham, Mississauga, Scarborough and Montreal.

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