Manulife says its banking unit was penalized by Fintrac for ‘administrative lapses’ + MORE Feb 27th

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TORONTO — Manulife Financial Corp. confirmed Monday its banking unit was penalized last year after Canada’s money-laundering watchdog concluded it failed to report a suspicious transaction and various money transfers.
Last year, Fintrac fined the bank $1.15 million, but it withheld the bank’s identity, saying it was exercising its discretion to do so.
Manulife Financial issued a statement Monday saying Manulife Bank was fined for “administrative lapses.”
“Although we operate at the highest ethical standard, we are capable of administrative errors. They were remedied in the first half of 2014,” the company said.
“There is no evidence to suggest that the administrative reporting violations were connected to any financial misconduct.”
The statement came after the CBC, citing anonymous sources, identified Manulife Bank as the financial institution fined by Fintrac last year.
Experts speculated Fintrac’s decision to not name Manulife Bank could have come from an agreement whereby Manulife agreed not to pursue an appeal and pay the $1,154,670 fine in exchange for anonymity…

Continue Reading On moneysense.ca »

Manulife Financial Corp. confirmed Monday its banking unit was penalized last year after Canada’s money-laundering watchdog concluded it failed to report a suspicious transaction and various money transfers.
Last year, Fintrac fined the bank $1.15 million, but it withheld the bank’s identity, saying it was exercising its discretion to do so.
Manulife Financial issued a statement Monday saying Manulife Bank was fined for “administrative lapses.”
“Although we operate at the highest ethical standard, we are capable of administrative errors. They were remedied in the first half of 2014,” the company said.
“There is no evidence to suggest that the administrative reporting violations were connected to any financial misconduct.”
The statement came after the CBC, citing anonymous sources, identified Manulife Bank as the financial institution fined by Fintrac last year.
Experts speculated Fintrac’s decision to not name Manulife Bank could have come from an agreement whereby Manulife agreed not to pursue an appeal and pay the $1,154,670 fine in exchange for anonymity…

Continue Reading On canadianbusiness.com »

The head of Canada’s financial crime watchdog agency is second-guessing his decision last year to withhold the name of a bank — which CBC News has identified as Manulife Bank — fined $1.15 million for not reporting hundreds of transactions it was obligated to report under the federal anti-money laundering and terrorist financing act.

Continue Reading On cbc.ca »

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Continue Reading On Theglobeandmail.com »

Guy Caron enters NDP leadership raceNDP MP Guy Caron stands with his son Dominic, 8, daughter Edith, 5, and wife Valerie Stansfield as he announces that he will run for the leadership of the New Democratic Party, on Monday, Feb. 27, 2017 in Gatineau, Que. THE CANADIAN PRESS/Justin Tang
GATINEAU, Que. – The ho-hum New Democrat leadership race got a little more competitive Monday as Quebec MP Guy Caron became the third candidate to officially declare that he wants to be the one to succeed Tom Mulcair.
The competition, which got off to a slow start in part because of an extended goodbye from Mulcair, has been slowly gaining momentum in recent weeks, with B.C. MP Peter Julian and northern Ontario MP Charlie Angus entering the fray.
Caron, a former economist who hopes to position himself as a would-be leader with financial acumen, announced his plans alongside his wife and two children at a news conference at a log cabin in Gatineau, Que.
Caron said the location holds a special place in his heart: it’s where late New Democrat leader Jack Layton held a campaign event in 2011 – the same year Caron became one of 59 MPs from Quebec elected as part of the NDP’s so-called “Orange Wave…

Continue Reading On macleans.ca »

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