The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 601,139.80 on First Nations Bank of Canada, operating as FNBC, following a compliance examination that found non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The violations included failing to submit suspicious transaction reports where there were reasonable grounds to suspect money laundering or terrorist activity financing, gaps in maintaining senior-officer-approved written compliance policies and procedures, and failures to assess and document money laundering and terrorist financing risk. FINTRAC also cited failures to take prescribed special measures and to conduct ongoing monitoring of business relationships, and noted that in 2024–25 it issued 23 notices of violation totaling more than CAD 25 million.
Financial Transactions and Reports Analysis Centre of Canada 2025-10-16
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 601,139.80 administrative monetary penalty on First Nations Bank of Canada for anti-money laundering compliance breaches
FINTRAC imposed a CAD 601,139.80 penalty on First Nations Bank of Canada for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failure to submit suspicious transaction reports, inadequate compliance policies, and insufficient risk assessment and monitoring. FINTRAC noted issuing 23 violation notices totaling over CAD 25 million in 2024–25.