FINTRAC imposed a $1.329 million anti-money-laundering compliance penalty on CIBC

Summary

FINTRAC imposed an administrative monetary penalty of $1,329,150 on Canadian Imperial Bank of Commerce on October 23, 2023. The violations concerned failure to submit a suspicious-transaction report where required and failure to include prescribed information in electronic-funds-transfer reports. CIBC paid the penalty and the proceedings ended. FINTRAC expressly states that administrative monetary penalties are not criminal charges for money laundering or terrorist financing. Primary source: https://fintrac-canafe.canada.ca/new-neuf/nr/2023-12-07-eng