FINTRAC Fines First Nations Bank $600,000 Over Reporting Violations

A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a $20 dollar bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Sept. 4, 2024. The Canadian Press/Justin Tang

The First Nations Bank of Canada (FNBC) has been fined more than $600,000 by Canada’s financial intelligence agency for violations of rules around money laundering and terrorist activity financing.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on Oct. 16 that it fined the bank $601,139.80 on Sept. 22 for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.