Regulatory Alerts2025-12-02
FINTRAC imposes an administrative monetary penalty on Global Currency Exchange
FINTRAC imposed a $70,537.50 administrative monetary penalty on Global Currency Exchange, a Niagara Falls money services business, for violating Canada’s anti-money laundering and anti-terrorist financing regulations. The sanction addresses multiple compliance failures uncovered during a regulatory examination, including missing written policies, inadequate risk assessments, absent staff training programs, unexecuted prescribed reviews, and failure to provide mandated records. This enforcement action reinforces FINTRAC’s statutory mandate to ensure financial sector adherence to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, thereby protecting the Canadian economy and supporting national security investigations.
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