The First Nations Bank of Canada says it accepts the results of an investigation by Ottawa’s financial intelligence agency, which fined the Saskatoon-based bank just over $600,000 for violating money laundering and terrorist financing reporting rules.
On Sept. 22, the Financial Transactions and Reports Analysis Centre of Canada imposed an administrative monetary penalty on the bank for failure to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
In total, the First Nations Bank of Canada was fined $601,139.80 for five violations of the act’s regulations, according to a Fintrac news release. The violations are related to oversight of suspicious transactions, assessments of high-risk clients and reporting requirements.
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Earlier this year, Fintrac fined the Saskatchewan Indian Gaming Authority $1,175,000 for violations under the act, including failure to report suspicious transactions and inadequate monitoring policies.
Indian Giving 2025
FN’s are terrorists at their core. So much so that they had to be defeated by we (mostly civilized) white folk. I guess they’re back to their old tricks.
How much did the bank make on those transactions?
Six^un’rd-kay: old Kwakiutl word meaning “fairy tap on the wrist”.
Indians now know the cost of doing business, they’ll adjust their take accordingly.
“The First Nations Bank of Canada says it accepts the results ..”
In other words, the taxpayers will cough up the $600,000 on behalf of FNBC.
You’re Soooooooo cynical! 🙂
TVs and pickup trucks don’t buy themselves…