Region

Jurisdiction

Regulator

2025-12-02

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.

Canada

Financial Transactions and Reports Analysis Centre Canada

News release

December 2, 2025 — Ottawa

FINTRAC announced today that it has imposed an administrative monetary penalty on 2294235 Ontario Inc., also operating as Global Currency Exchange. Following a compliance examination, this money services business in Niagara Falls, Ontario, was imposed an administrative monetary penalty of $70,537.50 on July 28, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Global Currency Exchange was found to have committed the following administrative violations:

Failure to develop and apply written compliance policies and procedures that are kept up to date.

Failure to assess and document the risk of a money laundering or terrorist activity financing offence.

Failure to develop and maintain a training program.

Failure to institute and document the prescribed review.

Failure to provide, in accordance with a notice, documents or other information.

Failure to keep prescribed records.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick facts

As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and associated Regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.

Suspicious transaction reporting is critical to FINTRAC’s ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, administrative monetary penalties are meant to encourage change in the non-compliant behaviour of businesses.

In 2024–25, FINTRAC issued 23 Notices of Violation of non-compliance to businesses, the largest number in one year in the Centre’s history, for a total of more than $25 million.

FINTRAC has imposed more than 150 penalties across most business sectors since it received the legislative authority to do so in 2008.