(Adds statement by company, comment by CEO)
TORONTO Feb 27 Manulife Financial Corp
said on Monday its banking subsidiary was fined by Canada's
financial intelligence agency last year for what Manulife
described as administrative lapses in reporting financial
The Financial Transactions and Reports Analysis Centre of
Canada (FINTRAC) last April fined an unnamed Canadian bank C$1.1
million ($837,000), the first time it had penalized an
"The penalty essentially related to administrative lapses in
reporting to FINTRAC," the company said in a statement,
acknowledging it was the unnamed bank.
"Although we operate at the highest ethical standard, we are
capable of administrative errors. They were remedied in the
first half of 2014. There is no evidence to suggest that the
administrative reporting violations were connected to any
financial misconduct," it added.
Speaking at an event in Toronto, Manulife Chief Executive
Officer Don Guloien said: "I think what happened in this case
is, there’s two interpretations someone could take about the
guidelines. We took an interpretation that was clearly wrong, or
certainly not the one FINTRAC wanted us to hold."
($1 = 1.3148 Canadian dollars)
(Reporting by Matt Scuffham; Editing by Matthew Lewis and