Lender Fined By FINTRAC Finally Exposed

It has finally be brought to light the bank and mortgage lender which was fined $1.15 by the financial regulator FINTRAC, the bank in question here is Manulife Bank of Canada.

At the time the fined was imposed last year, the regulator has decided that the bank will not be named for failure to give account of hundreds of transactions under money laundering and terrorism financing laws.

An investigation by CBC News which brought to surface the name of the lender had consumers unhappy and mad, as the regulator mentioned their policy is yet to be considered, the reaction from consumers showed their disappointment in the institution for having allowed the name to be given anonymity in the first place.

The bank’s parent Manulife Financial Corporation pointed out it a statement that they had no hand in the money laundering transactions that were made.

The statement read; “The penalty essentially related to administrative lapses in reporting to FINTRAC. Although we operate at the highest ethical standard, we are capable of administrative errors. They were remedied in the first half of 2014. There is no evidence to suggest that the administrative reporting violations were connected to any financial misconduct.”