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FINTRAC imposes an administrative monetary penalty on Industrial and Commercial Bank of China (Canada)

[2021-12-23]

Industrial and Commercial Bank of China (Canada), also operating as ICBC (Canada), ICBK (Canada) and ICBK, a bank in Toronto, Ontario, was imposed an administrative monetary penalty of $701,250 on October 4, 2021, for committing three violations. The violations were found during the course of a compliance examination in 2019. The penalty has been paid and the case is closed.

Nature of Violation

Violation #1 – Failure to treat activities in respect of a person or entity as high risk and to take the prescribed special measures – PCMLTF Regulations 54.4

Industrial and Commercial Bank of China (Canada) failed to treat activities in respect of some entities as high risk and to take the prescribed special measures.


Violation #2 – Failure to report suspicious transactions – PCMLTFA 7

Industrial and Commercial Bank of China (Canada) failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or a terrorist financing offence.


Violation #3 – Failure to institute and document the prescribed review – PCMLTF Regulations 71(1)(e)

Industrial and Commercial Bank of China (Canada)'s prescribed review did not assess the effectiveness of some areas of its policies and procedures.

Date Modified: