Regulatory Alerts2022-06-23
FINTRAC imposes an administrative monetary penalty on Sokhom Ung, operating as Bureau de change Saint-Michel
FINTRAC issued a $33,000 administrative monetary penalty against Sokhom Ung, trading as Bureau de Change Saint-Michel, for non-compliance with Canada’s anti-money laundering framework. The Montréal money services business was sanctioned specifically for failing to register with the regulator as mandated by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This enforcement action reinforces the mandatory registration, client identification, and transaction reporting obligations imposed on all designated financial entities to protect national economic security.
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