Dec 19, 08:08 PM

Canada Plans 40x Increase in Money Laundering Penalties Following $9.2 Million Fine on TD Bank and $3 Billion U.S. Fine

Canada's federal government has announced plans to increase penalties for money laundering by 40 times, as part of its Fall Economic Statement. This move follows a year in which both Canada and the U.S. issued record penalties for money laundering violations, with Canada fining TD Bank $9.2 million and the U.S. imposing a $3 billion fine. The Fall Economic Statement also includes updates aimed at enhancing the country's anti-money laundering regime, which has been a focal point of regulatory scrutiny. The measures are seen as a response to ongoing concerns about financial compliance and the effectiveness of existing regulations. Additionally, Canada's anti-money laundering agency is reportedly developing a scorecard to improve monitoring efforts in the sector.

#Canada #Fall Economic Statement #TD Bank

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