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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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Ottawa Secures 500,000 Bird Flu Vaccine Doses for High-Risk Individuals

 

In a proactive move to safeguard public health, the Canadian government has purchased 500,000 doses of the bird flu vaccine from GSK. The Public Health Agency of Canada (PHAC) announced that this acquisition is part of the country's contingency planning to protect individuals who are at increased risk of exposure to the avian influenza virus.

The vaccine, known as ArepanrixTM H5N1, will be distributed with 60% of the doses allocated to provinces and territories, while the remaining 40% will be kept in a federal stockpile for national preparedness. The PHAC emphasized that the vaccine is intended for people who have ongoing contact with infected animals and their environments, as the risk to the general public remains low.

Canada reported its first domestically acquired human case of avian influenza, also known as H5N1, on November 9, 2024. Health Minister Mark Holland stated that this purchase is among the "proactive steps" being taken to prepare for the potential spread of H5N1.

The PHAC continues to work closely with various health authorities and organizations to manage the global risks of avian influenza and ensure the safety of Canadians.


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