Canada News
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The Federal Reserve announced an enforcement action against Bank of Montreal, Canada’s fourth- largest lender by assets, for “deficiencies” in compliance with anti-money laundering and Bank Secrecy Act rules and regulations.
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Ming Chao Zhao, a former Bank of Montreal analyst, admitted to engaging in insider trading over an 18-month period and agreed to pay about C$1.19 million ($1.16 million) to settle the case, according to the Ontario Securities Commission.
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Edmund Kim joined ONCAP Management Partners in Toronto as a director from M/C Partners in Boston where he was vice president, according to Vlaad and Co., a Toronto-based financial services recruiting firm.
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Canada’s annual inflation rate fell in April to its slowest in more than three years, taking it below the central bank’s target band and adding to evidence of growing slack in the world’s 11th largest economy.
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