Canadian regulators fined the Industrial and Commercial Bank of China CA$700,000, or $546,000 U.S. dollars, for neglecting to report suspicious activity and address customer-related risk, marking their first public penalty against a bank in more than five years.
Canadian officials want to extend anti-money laundering requirements to unregulated mortgage lenders and other new sectors in the years ahead, while also dramatically boosting spending on AML supervision, financial crime investigations and corporate transparency.
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