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Anti-money laundering watchdog gives failing grades to banks, real estate companies

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An internal report from Canada’s financial crimes watchdog found that most banking and real estate companies it audited last year are not following the country’s anti-money laundering laws, sparking calls for greater oversight and higher fines.

The 2022/2023 report, prepared by the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), found that only 106 out of 237 financial institutions complied with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FinTRAC, which reports to the federal Finance Minister, works to identify and prevent dirty money from entering Canada by analyzing millions of documents submitted by reporting entities like banks, real estate businesses, casinos, and others.

Anne Gaviola has this exclusive story for Global News.

For more info, please go to https://globalnews.ca/news/10414820/canada-anti-money-laundering-agency-gives-failing-grades-to-banks-real-estate-companies/

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Category
U.S. & Canada
Tags
global news, finance, finance crime
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