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“I am a Canadian, free to speak without fear, free to worship in my own way, free to stand for what I think right, free to oppose what I believe wrong, or free to choose those who shall govern my country. This heritage of freedom I pledge to uphold for myself and all mankind.” ~~ John G. Diefenbaker

Agency review found 18 Canadian small banks not following anti-money laundering rules (Investigative Journalism Foundation)


Canada’s financial intelligence agency found more than a third of the small and medium-sized banks it reviewed recently failed to follow rules meant to prevent money laundering.

A 2024 report from the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, said the agency found gaps in anti-money laundering programs at 18 of the 50 small and medium-sized banks it reviewed during the 2023-24 fiscal year.  

The report, which was prepared for the minister of finance and obtained by the IJF through access to information legislation, said that in eight of those cases the gaps were significant enough to threaten the “quality of their money laundering and terrorist financing risk management.”

In some of the cases, the report said, banks had “deficiencies” in how they reported suspicious transactions to the agency, which they are required to do under federal law. Some also had “vulnerabilities to money laundering and terrorist financing risks" ...

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