The Globe and Mail reports in its Wednesday edition that the more than $3-billion (U.S.) settlement TD Bank reached with the U.S. Department of Justice last week has underlined what some say are relatively weak enforcement options in Canada. A Canadian Press dispatch to The Globe quotes Denis Meunier, a former deputy director of FinTRAC, saying that fines in Canada have to increase significantly to provide adequate deterrence. He says Ottawa should add substantial fines for gross negligence, and increase the existing administrative penalties: Fines in Canada have not risen since 2008. "It's time we take off the kid gloves," said Mr. Meunier. "You need penalties to punish, to really send a message: We're serious. And these penalties should be in the millions and potentially billions of dollars." The massive fine came in part from U.S. rules that allow regulators to fine banks up to $500,000 (U.S.) for each day they lack a functioning anti-money-laundering program. Meanwhile, limited fines available to FinTRAC means the $9.2-million penalty it imposed on TD earlier this year was the largest it had ever issued. Mr. Meunier says he would also like to see FinTRAC get the power to impose conditions on law-breaking banks.