Canada

Bank of Canada Moves to Control “Excess Demand” By Raising Rates, Implements QT

Canada’s central bank said they would “forcefully” control inflation last month. In the first rate announcement since that statement, the Bank of Canada (BoC) took the first steps of following through. To curb “excess demand,” the central bank raised rates aggressively and even set a date to begin reversing its QE program.    Canada’s Overnight Rate […]

Canada

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

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 […]