Canada’s money-laundering watchdog fined the Indigenous-owned bank just over $600,000, alleging it failed to submit reports when it had reasonable grounds to suspect a crime could be taking place and had inadequate compliance procedures. In a statement, First Nations Bank chief marketing officer Jed Johns acknowledged the transactions “did not meet our compliance standard” and said it has since shuffled leadership and improved its policies. (The Logic)

Talking point: The penalty is the latest in a record total of 23, for a combined $25 million, imposed by the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) over the past year. First Nations Bank is a key player in Ottawa’s push to unleash billions of dollars for major projects like power plants and pipelines as a counterweight to the impact of U.S. tariffs, much of which needs to flow through Indigenous communities. Johns said in an email that First Nations Bank is in the process of paying the fine.