Industrial and Commercial Bank of China (Canada) responds to administrative penalty
December 23, 2021
Today, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced an administrative monetary penalty against the Industrial and Commercial Bank of China (Canada) ("the Bank"). This is a first-time penalty. The Bank takes this matter very seriously and accepts the outcome of FINTRAC's review.
A 2019 routine FINTRAC review identified gaps in the Bank's anti money-laundering /anti-terrorist financing (AML/ATF) program in limited circumstances. The Bank reviewed the findings and concluded that they were human and administrative errors and has implemented an action plan to address and correct all concerns. There is no evidence of any misconduct related to the concerns that were identified.
"We updated our AML/ATF compliance policies and procedures in early 2021," President, Industrial and Commercial Bank of China (Canada). "Comprehensive measures have been implemented to address these gaps and prevent them from occurring again. As a result, we have strengthened our service to our valued clients and partners, and we will continue to demonstrate our strong commitment to Canada's robust regulatory system."
Industrial and Commercial Bank of China (Canada) has paid the penalty and FINTRAC considers this matter to be closed.
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