Regulatory Alerts2025-09-23
FINTRAC imposes an administrative monetary penalty on Spence Diamonds Ltd
FINTRAC has imposed a $264,000 administrative monetary penalty on Spence Diamonds Limited for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The enforcement action targets the jeweller’s failure to submit suspicious transaction reports, develop and maintain updated compliance policies, assess money laundering and terrorist financing risks, implement ongoing employee training, and conduct prescribed compliance reviews. Spence Diamonds has paid the penalty in full to conclude the proceedings, reinforcing FINTRAC’s mandate to ensure reporting entities uphold strict anti-money laundering and anti-terrorist financing obligations.
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