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Global financial crime auditors visit Canada after record bank fine
FATF auditors reviewed enforcement and compliance at federal and provincial levels, focusing on TD Bank’s historic $3 billion U.S. money-laundering fine, with results due June 2026.
- On Dec 17, the Financial Action Task Force review team interviewed Canadian financial companies and 13 government agencies over three weeks in November, including TD Bank executives.
- Since the 2016 FATF review of Canada, the country hopes to prove it addressed shortcomings in tracking companies and their controlling owners, while Criminal Intelligence Service Canada estimates up to $113 billion is `snow-washed` annually through anonymous companies, representing 5% of the economy.
- International AML experts from Sri Lanka, Italy, Hong Kong, Japan, Ireland, Australia and the United Kingdom questioned enforcement rules and company AML systems, while companies focused preparation on enforcement cooperation and reviewers probed internal compliance programs.
- A negative FATF report could hurt Canada's foreign investments, while proposals for a federal financial-crime agency aim to bolster confidence, said Salvator Cusimano.
- Results are due in June, 2026 and remain confidential, and Carney's office said the review coincided with Ryan Wedding indictments, increasing calls for a federal registry and financial-crime agency.
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FATF review raises concerns for Canada as money laundering scrutiny intensifies
Interviews conducted as part of an international review of Canada’s anti-money laundering framework have included senior executives at TD Bank, which last year paid the largest-ever fine to settle a United States money laundering case, sources familiar with the matter said. What is typically a routine once-a-decade assessment has instead raised concerns in Ottawa and within Toronto’s financial sector, particularly as Canada grapples with TD Bank…
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Total News Sources8
Leaning Left1Leaning Right0Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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