Canada’s anti-money laundering landscape - Torys LLP

Bank of America (BAC. N), has been fined $1.21bn by US regulators for widespread failures to detect ‌potential money laundering and other illicit activity, a penalty the bank said will hurt third-quarter earnings. The US treasury department said the fine, the third-largest in department history, is due to the bank’s failure to report more than $5bn in suspicious activity to the government, including $1bn that posed national security-related and other priority illicit finance risks. “Financial institutions are on the ​front lines of protecting our economic and national security,” the treasury secretary, Scott Bessent, said in a statement. “When a bank of this size ​fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the ⁠entire US financial system to significant illicit finance risks.”The treasury said the bank “prioritized its revenues” in building compliance programs, and overly relied on inquiries ​from outside parties such as law enforcement and other financial institutions instead of its own internal controls.

AtlanticNova ScotiaNew BrunswickPrince Edward Island Newfoundland and LabradorCalgaryLethbridgeKitchenerGuelphNorthern OntarioSudburyNorth BaySault Ste. MarieTimminsOttawaKingstonBrockvillePembrokeReginaYorktonSaskatoonPrince AlbertTorontoWatchWeatherPeelHamiltonDurhamYorkHaltonNiagaraQueen's ParkToronto City HallIn PicturesVancouverVancouver IslandCanadaLocal SpotlightRoyal FamilyPoliticsNanosPower PlayQuestion PeriodFederal Election 2025WorldMideast ConflictRussia-Ukraine WarWatchLatestCaptured on CameraPoliticsLifestyleConsumerHealthExplainedEntertainmentTechnologyDeception DecodedAutosEnvironmentBusinessInflationReal EstateAutos

AtlanticNova ScotiaNew BrunswickPrince Edward Island Newfoundland and LabradorCalgaryLethbridgeKitchenerGuelphNorthern OntarioSudburyNorth BaySault Ste. MarieTimminsOttawaKingstonBrockvillePembrokeReginaYorktonSaskatoonPrince AlbertTorontoWatchWeatherPeelHamiltonDurhamYorkHaltonNiagaraQueen's ParkToronto City HallIn PicturesVancouverVancouver IslandCanadaLocal SpotlightRoyal FamilyPoliticsNanosPower PlayQuestion PeriodFederal Election 2025WorldMideast ConflictRussia-Ukraine WarWatchLatestCaptured on CameraPoliticsLifestyleConsumerHealthExplainedEntertainmentTechnologyDeception DecodedAutosEnvironmentBusinessInflationReal EstateAutos

The 20th annual Cape to Cabot road race is taking place tomorrow. The grueling 20 km trek sees participants running from one historic landmark to another: From Cape Spear to Cabot Tower on top of Signal Hill. The race starts at 8 a.m., and because of that there are a few related road closures in St. John’s. Between 7:45 and 11a.m. there will be numerous road closures along the route. A full list can be found online at VOCM dot com. Expect traffic impacts from 7:45 a.m. to 11 a.m. on routes including Blackhead Road, Southside Road, Water Street, Harbour Drive, Duckworth Street, Temperance Street and Signal Hill Road.

On Monday, Albertans vote on whether to stay in Canada or hold another binding referendum on quitting Canada. If the vote goes as polls suggest, a majority of Albertans will mark an X to stay in Confederation, and Premier Danielle Smith has said if that’s so, she expects everyone to accept it and move on. Leaders of the independence movement contest that. And political watchers are divided about whether separation — previously a fringe sentiment — will now be a prominent, permanent feature of Alberta’s political landscape, as in Quebec. Julian Castro-Rea, a political-science professor at the University of Alberta who studies the separation debates in Quebec and Alberta, believes as long as Alberta feels alienated from the Canadian capital — feeling that Ottawa benefits from Alberta’s resource economy without giving back — the movement will have fuel. “Even if the referendum is lost, the westernization will still be around, because it’s kind of a way which, traditionally, Albertans have related to the rest of Canada,” says Castro-Rea, who believes western alienation may remain indefinitely. Story continues below advertisement