Skip to main content

Featured

Kanye West’s South Korea Concert Canceled Amid Controversy

Kanye West’s highly anticipated concert in South Korea, scheduled for May 31 at Incheon’s Munhak Stadium, has been officially canceled. The event organizers, South Korean e-commerce company Coupang and ticket outlet Interpark, announced the decision on Monday, citing “recent controversies involving the artist”. The cancellation follows backlash over West’s latest song, *Heil Hitler*, which has been widely criticized for its glorification of the Nazi leader. The track was swiftly removed from major streaming platforms, including Spotify and SoundCloud, but continued to circulate on social media. Additionally, West’s recent public appearances, including an interview where he wore a Ku Klux Klan outfit, have further fueled outrage. In response to the controversy, Coupang has also suspended the sale of Yeezy merchandise, effective May 19. All purchased tickets for the concert will be fully refunded. West has faced repeated criticism for his inflammatory remarks and actions, leading to seve...

article

TD Bank to face hefty penalty for faulty anti-money laundering controls

 

Canada’s TD Bank is expected to face a significant monetary penalty after an examination by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) found faulty anti-money laundering controls. 

The penalty is expected to exceed C$10 million ($7.44 million), which could be the biggest ever penalty slapped on a Canadian financial institution by the country’s anti-money laundering agency. The examination was completed in late 2023, and TD Bank’s anti-money laundering compliance was deemed unsatisfactory. TD Bank has appointed new executives and advisers to head its anti-money laundering program and is improving its compliance efforts.

This is not the first time that FINTRAC has imposed penalties on Canadian financial institutions. Last month, the agency fined Royal Bank of Canada and CIBC for a total of about C$9 million for violations that included failing to submit suspicious transaction reports, the first time it has taken such action. TD Bank is also facing a rare probe and a likely fine by the U.S. Department of Justice related to its anti-money laundering practices, shortly after it called off its First Horizon acquisition.

The penalty imposed on TD Bank highlights the importance of financial institutions having robust anti-money laundering controls in place. The penalties imposed by FINTRAC serve as a warning to other financial institutions to ensure that their anti-money laundering programs are up to date and effective.


Comments

Popular Posts