Macleans quotes Toronto lawyer Koker Christensen on Fintrac’s decision not to name fined back in suspicious transactions incident.
Experts say that withholding the bank’s name may have been part of an agreement struck between Fintrac and the institution. In exchange for anonymity, the institution may have agreed to forgo a lengthy appeal process in the courts and pay the $1,154,670 fine, they say.
“I think that (Fintrac) probably wanted to have this information go out to send a message, and that that was considered more important than publicly naming this bank,” said Koker Christensen, a Toronto-based partner with Fasken Martineau who heads the law firm’s anti-money laundering counsel.
“Naming an institution obviously is a way of sanctioning or punishing that institution and also has some deterrence effect. … But I think that having a fine of this magnitude imposed on a bank and having that fact made public also has a deterrence effect.”