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Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny. A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing. The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.
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horoscopes Your daily horoscope: February 13, 2025

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

If you feel the need to do something radically different this year then get started on it today. If you canvas the opinions of family and friends they will come up with all sorts of reasons why you should play safe. Just do it and do it well.

ARIES (March 21 - April 20):

What you need to keep in mind today is that nothing truly happens by chance – there is a design behind it all and if you can work out what that design is you are halfway to success. What do you think your next big move should be?

TAURUS (April 21 - May 21):

You can sense that you are moving closer to a major goal but may be frustrated because it is such a slow process. That’s how it should be though. There is no time limit on what the universe expects from you, so why hurry?

GEMINI (May 22 - June 21):

Toward the end of the month you will look back at what is now causing you grief and laugh at how unimportant it actually was. In the meantime, try not to fret about what is going on around you. Just adapt and do your best.

CANCER (June 22 - July 23):

If you are smart you will find a way to turn a negative event in a more positive direction today. In fact, the more it hurts, physically or emotionally, the more of a learning experience it will be and the more you will profit from it.

LEO (July 24 - Aug. 23):

Get most of your work done early in the day because what happens around the time the sun goes down will make you want to get out and about and have some fun. Don’t keep putting off until later what can easily be done right now.

VIRGO (Aug. 24 - Sept. 23):

If you choose not to tell a loved one the whole truth today they will find out later on and it will put a wall of mistrust between you. Better by far to be honest, even if you know they are unlikely to approve of your recent choices.

LIBRA (Sept. 24 - Oct. 23):

Everyone makes mistakes, even a Libra, so don’t think it’s the end of the world just because you made a bad call. The important thing is that once you realize where you went wrong you then go back and fix it. That takes both guts and intelligence.

SCORPIO (Oct. 24 - Nov. 22):

If you seem to be working harder than ever and having nothing to show for it maybe you should take the hint and recognize that you are doing something wrong. It may even be a cosmic wake-up call to reassess your career aims.

SAGITTARIUS (Nov. 23 - Dec. 21):

Don’t waste your time trying to make sense of something that clearly makes no sense at all. Just accept that this is one of those occasions when events seem to be calculated to make life tough for no good reason (though probably there is one).


CAPRICORN (Dec. 22 - Jan. 20):

The consequences of a decision you made around the turn of the year will come back to haunt you today, though as hauntings go it won’t be too horrific. The basic fact is you made a wrong move and must now figure out how to remedy the situation.

AQUARIUS (Jan. 21 - Feb. 19):

Mercury in your sign has done wonders for your confidence in recent weeks but from tomorrow you may find that your supreme self-belief is no longer enough to get certain tasks done. If you need help at any time you must ask for it.

PISCES (Feb. 20 - Mar. 20):

Anyone who insists that you go about your everyday business in the way they think is best must be told in no uncertain terms that your affairs are none of their business. You know far better than they do what it is you need and what you are capable of.


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