The Globe and Mail reports in its Monday edition that the cost of doing business is set to go up, dramatically, for companies that do not keep a close eye on anti-money-laundering obligations. A Canadian Press dispatch to The Globe says a broad range of firms that handle large transactions, from jewellers to big banks, face potential penalties 40 times higher than existing rates. The changes are part of Bill C-12, which passed in the House of Commons on Dec. 11 and is waiting for a final stamp of approval from the Senate. The changes would mean that, for example, if TD Bank were to again be fined for failing to report 20 suspicious transactions, as it was in 2024, it could face $400-million in penalties rather than the $9.2-million it paid last year. The notable increase comes as part of wider efforts in Canada to step up anti-money-laundering (AML) measures, including a significant increase in penalties using existing rules, but experts are skeptical the higher fines themselves will do much to fix the gaps in the system. The federal AML regulator, FinTRAC, has levelled fines this year on Spence Diamonds, the Canadian National Exhibition, Canaccord Genuity and a range of casinos, credit unions and real estate brokers.