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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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Trudeau Slams Trump's Tariffs as "Very Dumb" Move

 

In a fiery address, Canadian Prime Minister Justin Trudeau condemned U.S. President Donald Trump's recent tariffs on Canadian goods, calling them a "very dumb thing to do." Trudeau announced that Canada would retaliate with 25% tariffs on $155 billion worth of American goods, starting with $30 billion immediately and the remaining $125 billion in 21 days.

Trudeau criticized Trump's decision to impose tariffs on Canada, Mexico, and China, arguing that it would harm American families and businesses. He pointed out the inconsistency of the U.S. administration's actions, noting that while they were launching a trade war against Canada, they were simultaneously seeking positive relations with Russia.

The Canadian Prime Minister emphasized that Canadians are reasonable and polite but will not back down from a fight when their country's well-being is at stake. He assured Canadians that the government would use every tool at its disposal to protect Canadian workers and businesses.

Trudeau's strong stance highlights the escalating tensions between the two neighboring countries and the potential economic fallout from the ongoing trade war.

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