The Globe and Mail reports in its Thursday edition that Canada's financial crime watchdog has imposed a $2.46-million penalty on the Exchange Bank of Canada after finding failures in its anti-money-laundering controls. The Globe's Alexandra Posadzki writes that the Toronto-based bank, which specializes in providing foreign currency exchange and international payment services to corporate clients, committed three violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, according to FinTRAC. The bank has filed a notice of appeal with the Federal Court. The company said in a statement Wednesday that it believes the fine is "not commensurate with the alleged violations." It also noted that the administrative monetary penalty does not assert that the bank has been involved in money laundering or terrorist financing. The administrative monetary penalty announced Wednesday is the latest in a series of aggressive enforcement actions by FinTRAC ahead of an international review of Canada's ability to combat financial crime. FinTRAC has recently imposed its largest-ever fines, including a $7.47-million penalty against Royal Bank of Canada and a $9.2-million penalty against Toronto-Dominion Bank.