Canadian Banks Archives - Better Dwelling

Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance

February 2, 2022

Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body […]

Canada

Canadian Mortgages Are “Riskier” For Lenders, Probability of Correction Rising: Moody’s

November 5, 2021

Canadian real estate has a rock-solid reputation with consumers but institutions are warning each other to be careful. Global credit rating agency Moody’s shared their latest Canadian mortgage market assessment. After stress testing portfolios, the agency warns mortgages are “riskier” for lenders. Big lenders are now more concentrated in BC and Ontario, where home prices […]