Canadian Imperial Bank of Commerce fined C$1.3m by FINTRAC for reporting failures

Canadian Imperial Bank of Commerce (CIBC), ranked fifth largest lender, by assets, in its home market, has paid a C$1,329,150 (US$978,780) administrative penalty to FINTRAC, Canada's financial intelligence unit (FIU), for two violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and linked regulations.

Canadian Imperial Bank of Commerce (CIBC), ranked fifth largest lender, by assets, in its home market, has paid a C$1,329,150 (US$978,780) administrative penalty to FINTRAC, Canada's financial intelligence unit (FIU), for two violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and linked regulations.