The bank and mortgage lender which was fined $1.15 by the financial regulator FINTRAC has been revealed as Manulife Bank of Canada.
The regulator had taken the decision not to name the bank when it imposed the fine last year for failure to report hundreds of transactions under money laundering and terrorism financing laws.
However, the lender’s identity was exposed by a CBC News investigation and the regulator says it will consider its policy following a backlash from consumers who were unhappy that the institution had been allowed anonymity.
In a statement, the bank’s parent Manulife Financial Corporation made it clear that it had not facilitated any money laundering transactions.
“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,” the statement said.
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