Comments on: Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance

By: amin

amin — Fri, 04 Feb 2022 22:06:57 +0000

should arrest all the company managers and lock themup
like they did to the two micahaels or close the bank period
no ifs and or buts

By: The Smoking Man

The Smoking Man — Thu, 03 Feb 2022 23:16:40 +0000

In reply to The Smoking Man.

Sorry, I was over-zealous there, Scotiabank pays $109,000 per day for the sign on the rink. For 20 years.

Ted Rogers bought the SkyDome – the actual building and its land – for $50M and hung his sign on it. That’s how meaningless bank money is.

By: The Smoking Man

The Smoking Man — Thu, 03 Feb 2022 23:10:15 +0000

In reply to Arthur. The money is flowing into Canada in all currencies. To your point, it would be easier to launder it through the lax Canadian offices rather than tighter US offices, no? Regarding that $250K fine, I think that equal to what Scotiabank is paying every 2 minutes for their sign on The Maple Leafs rink. It's almost nothing to them.

By: Arthur

Arthur — Thu, 03 Feb 2022 22:02:25 +0000

Dirty money flows around the world better in U.S. Dollars not Canadian$.
With U.S. international transfers one additional option available for Canadian Banks is to ensure that the Bank’s New York offices that processed the wire transfers via SWIFT are, reporting as required, the suspicious transactions to the U.S. Regulator FinCEN. FinCEN are much better & efficient in the prosecution of U.S money laundering laws . Fines, especially against banks’ for “willful blindness” to obvious laundering activities typically range from a minimum of U.S. $250,000 or if greater, all the money that flowed through the bank. No need really to change Canadian AML laws – just improve cooperation with U.S law enforcement.

By: Sharon Sommerville

Sharon Sommerville — Thu, 03 Feb 2022 17:58:54 +0000

In reply to RainCityRyan. LOL. Thanks Ryan, you made my day.

By: Heather

Heather — Wed, 02 Feb 2022 22:43:21 +0000

You’ all saying this is just coffee money?

By: Kate Wright

Kate Wright — Wed, 02 Feb 2022 19:46:09 +0000

In reply to The Smoking Man. I believe that statement was presented at the Cullen Commission, when they said they said they didn't have the resources to review everything. Keep in mind that there was a drop in FINTRAC audits in 2021, but also Canada disassembled the RCMP financial crime unit for Ontario.

By: RainCityRyan

RainCityRyan — Wed, 02 Feb 2022 19:37:55 +0000

700k … not even a drop in the bucket.
This wouldn’t even register for a large or mid-sized bank.

Imagine finding a ticket on your windshield for 0.17$ … I don’t know about you but I sure wouldn’t park there anymore.
/s

By: D

Wed, 02 Feb 2022 19:10:55 +0000

Try depositing $500 in the bank and they‘ll play 21 questions with you and treat you like a terrorist by putting you on FINTRAC. Canada isn’t free, it’s a feudal society.

By: Ron Bruce

Ron Bruce — Wed, 02 Feb 2022 18:33:31 +0000

$Billions of dollars has been laundered over the decades, and FINTRAC calls this $700 K fine a win. The $700 K has already been earned backed via offshore investors investing in Real Estate. Banks are complicit in this fraud, while FINTRAC and the CRA shuffle paper. There is no teeth/accountability in Canada, and the rest of the world knows it. Every dime coming from Chinese Banks should be turned away, and the recipients of untraceable funds in Canada investigated by the RCMP. Wake the hell up.