The Foreign Exchange Bank of Canada was assessed an administrative monetary penalty of $2.46 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). She is accused of not complying with money laundering rules

According to FINTRAC, the Foreign Exchange Bank of Canada failed to submit suspicious transaction reports when there were reasonable grounds to do so, when it did not conduct ongoing monitoring of business relationships, and when it failed to report the receipt of $10,000 or more in cash during a single transaction. Indeed, the Center states that it observed in the conduct review between the end of 2022 and April 2024 that the institution's compliance program “did not sufficiently reach an acceptable level of maturity for a number of its key pillars.” For example, Sarah Paquet, Director and CEO of FINTRAC, indicated that the organization will strongly ensure that businesses continue to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act