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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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Protests Erupt in Athens on Rail Crash Anniversary

On the second anniversary of Greece's deadliest rail crash, Athens witnessed massive protests as frustration over systemic failures boiled over. The tragic accident, which occurred on February 28, 2023, claimed the lives of 57 people when a passenger train collided with a freight train near the Tempi gorge in central Greece.

Thousands of demonstrators took to the streets, demanding justice for the victims and accountability from the government. The protests, which were part of a general strike, saw participation from various sectors, including air, sea, and rail transport workers. The demonstrators chanted slogans and carried banners, expressing their anger over the lack of progress in addressing the safety gaps that led to the crash.

In Athens, the protest turned violent as hooded youths hurled petrol bombs at police and attempted to storm the barricades in front of the parliament. Riot police responded with tear gas and stun grenades, leading to clashes that left several people injured.

The government's handling of the disaster has been heavily criticized, with many accusing it of covering up evidence and failing to initiate a parliamentary inquiry into political responsibility. Prime Minister Kyriakos Mitsotakis' administration has denied any wrongdoing, stating that it is up to the judiciary to investigate the accident.


As the nation mourns the victims, the protests reflect the deep-seated mistrust of the government and the demand for accountability and justice.


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