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Stock impact report

Dramatic increase in Fintrac fines coming, but their effectiveness is less clear [Yahoo! Finance Canada]

Toronto Dominion Bank (The) (TD) 
Last toronto dominion bank (the) earnings: 2/27 06:30 am Check Earnings Report
A broad range of firms that handle large transactions, from jewellers to big banks, face potential penalties 40 times higher than existing rates. The changes are part of Bill C-12, which passed in the House of Commons on Dec. 11 and is waiting for a final stamp of approval from the Senate. “That legislation, if enacted, will significantly transform the enforcement framework,” said Vladimir Shatiryan, a partner at Blakes who focuses on financial regulations. The changes would mean that, for example, if TD Bank Group were to again be fined for failing to report 20 suspicious transactions, as it was in 2024, it could face $400 million in penalties rather than the $9.2 million it paid last year. The notable increase comes as part of wider efforts in Canada to step up anti-money laundering measures, including a significant ramp up in penalties using existing rules, but experts are skeptical the higher fines themselves will do much to fix the gaps in the system. The size of the pot Show less Read more
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