Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on financial threats. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act following a compliance examination in 2019 and an administrative monetary penalty of $701,250 has been imposed on it, said the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in a statement released Dec. 23. Given the high penalty amount, FINTRAC likely deems the violations “serious” or “very serious,” with the latter fetching up to $500,000 per violation for an entity. In the past year, this constitutes the largest penalty reported by FINTRAC and the only bank to be sanctioned. FINTRAC says ICBC committed three administrative violations, including “failure to treat activities in respect of some entities as high risk and to …