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Report: Fintrac slaps C$1.15M fine against unnamed Canadian bank

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Report: Fintrac slaps C$1.15M fine against unnamed Canadian bank

The Financial Transactions and Reports Analysis Centre of Canada levied a C$1.15 million fine against an unnamed Canadian bank for failing to report suspicious transactions, the Toronto Star and National Observer reported Dec. 22.

The transactions in question were 1,179 international electronic transfers amounting to a total of C$12 million, as well as several cash deposits, all by a convicted felon, which is a violation of Canada's anti-money-laundering law, according the news outlet, citing documents it obtained. Each transaction, none of which were ever reported to Fintrac and occurred between early 2012 to the end of 2013, amounted to C$10,000 or more, the publications added.

The report also said that the Canadian Bankers Association declined to issue a statement on the matter. Fintrac also declined to name the bank.

The Toronto Star and National Observer noted that the activities of the bank's client coincide with those of businessman Andrew Strempler. Strempler, the former head of a large online pharmacy, was found out to be selling fake medicines and pleaded guilty to mail fraud charges in the U.S.

Strempler also did not respond to requests for comment, the publications reported. Strempler was sentenced to 48 months in prison in 2013 and was released from custody in October 2015.