The Globe and Mail reports in its Friday, Oct. 31, edition that Canada's financial crime watchdog, FinTRAC, has imposed a record $25-million in fines for anti-money-laundering non-compliance during the fiscal year ending March 31, 2025. The Globe's Alexandra Posadzki writes that in its annual report, FinTRAC revealed it issued 23 penalties and referred 32 cases of non-compliance to law enforcement, more than doubling the previous year's figures and marking the highest since its inception in 2000. FinTRAC chief executive officer Sarah Paquet said in the annual report, "Working with businesses and supporting the efforts of law enforcement, we are playing an important role in deterring and detecting criminals that abuse Canada's financial system." FinTRAC is intensifying enforcement efforts in Canada to combat financial crime, with a new federal agency and proposed legislation to significantly increase penalties. Michael Donovan, CIBC's chief anti-money-laundering officer, said Thursday that disclosures to law enforcement are only a fraction of the transactions flagged to the financial crime watchdog. He said, "There has to be a way that we can be more focused on where the true money laundering risk is."