The Globe and Mail reports in its Friday edition that Canada's financial crime watchdog has fined Canaccord Genuity $544,500 for shortcomings in its anti-money laundering controls. The Globe's Alexandra Posadzki writes that the Financial Transactions and Reports Analysis Centre of Canada identified multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Canaccord failed to submit suspicious transaction reports in instances where it was reasonable to suspect that transactions were related to money laundering or terrorist financing, said FinTRAC. It also failed to develop and apply up-to-date compliance policies and procedures approved by a senior officer; to assess and document the risk of a money laundering or terrorist financing offence; and to take the special measures prescribed for high-risk situations, the watchdog said. Canaccord said that the deficiencies were identified during a routine examination and have been addressed. The fine is the latest in a series of recent enforcement actions by FinTRAC as the federal government looks to crack down on financial crime ahead of an international review of Canada's anti-money-laundering regime by the Financial Action Task Force.