By Pritam Biswas for AML Intelligence
CANADA’S anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has signed a memorandum of understanding with three U.S. federal banking agencies.
FINTRAC will exchange information with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board to ensure anti-money laundering and anti-terrorist financing compliance in banks with cross-border operations, the agency said in a LinkedIn post.
“The cooperation and communication between the authorities will allow for each agency to effectively respond to emerging risks, enhance risk identification prevention and detection, in an effort to mitigate ML/TF risk exposure,” FINTRAC’s post read.
The agency has stepped up monitoring following the Canadian federal government’s expansion of its national security powers.
FINTRAC imposed its biggest-ever penalty of nearly C$9.2 million ($6.54 million) on TD Bank over non-compliance of anti-money laundering regulations earlier in the year.
In a first for the agency, in December 2023 it fined two of the country’s biggest banks Royal Bank of Canada, and CIBC, – for a total of about C$9 million for violations that included failing to submit suspicious transaction reports.
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