Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on regulations related to money laundering, terrorist activity financing, and threats to the security of Canada.
ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act following a compliance examination in 2019 and an administrative monetary penalty of $701,250 has been imposed on it, said the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in a statement released Dec. 23.
