The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Federal centre flags signs of cash linked to fentanyl scourge in new alert
– canadianbusiness.com
OTTAWA _ Traffickers are exploiting Canadian money service businesses to buy deadly fentanyl from overseas and then launder the proceeds through banks and credit unions, warns the national financial intelligence agency.
The federal Financial Transactions and Reports Analysis Centre is issuing a detailed operational alert to help businesses detect and report suspicious dealings that may be linked to illicit fentanyl, an opioid that is wreaking havoc across Canada.
The alert, which lists specific signs of fentanyl-related activity, was developed through Fintrac’s analysis of intelligence in consultation with Canadian financial institutions and the RCMP.
It is intended to support a broader anti-fentanyl initiative, Project Guardian, led by Fintrac, major bank CIBC and Canadian law-enforcement agencies. CIBC is hosting a meeting of the various players Thursday in Toronto.
The opioid problem is not limited to large cities, noted Bob Kapur, deputy chief anti-money laundering officer at CIBC…
The federal Financial Transactions and Reports Analysis Centre is issuing a detailed operational alert to help businesses detect and report suspicious dealings that may be linked to illicit fentanyl, an opioid that is wreaking havoc across Canada.
The alert, which lists specific signs of fentanyl-related activity, was developed through Fintrac’s analysis of intelligence in consultation with Canadian financial institutions and the RCMP.
It is intended to support a broader anti-fentanyl initiative, Project Guardian, led by Fintrac, major bank CIBC and Canadian law-enforcement agencies. CIBC is hosting a meeting of the various players Thursday in Toronto.
The opioid problem is not limited to large cities, noted Bob Kapur, deputy chief anti-money laundering officer at CIBC…
