Region

Jurisdiction

Regulator

2025-12-04

FINTRAC imposes an administrative monetary penalty on Griffin Jewellery Designs Inc

FINTRAC has imposed a $77,137.50 administrative monetary penalty on Griffin Jewellery Designs Inc. for violating Canada’s anti-money laundering and terrorist financing regulations. The jewellery retailer was cited for failing to maintain updated compliance policies, document its risk assessments, and conduct mandatory biennial reviews of its compliance program. Griffin Jewellery Designs Inc. has paid the penalty in full, closing the enforcement action while reinforcing FINTRAC’s commitment to holding regulated entities accountable for their statutory obligations.

Canada

Financial Transactions and Reports Analysis Centre Canada

News release

December 4, 2025 — Ottawa

FINTRAC announced today that it has imposed an administrative monetary penalty on Griffin Jewellery Designs Inc. Following a compliance examination, Griffin Jewellery Designs Inc., a full-service jewellery retailer with 21 locations across Ontario, Nova Scotia and New Brunswick, was imposed an administrative monetary penalty of $77,137.50 on October 17, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Griffin Jewellery Designs Inc. 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 and, in the case of an entity, are approved by a senior officer.

Failure to assess and document the risk of a money laundering or terrorist activity financing offence, taking into consideration prescribed factors.

Failure to institute and document the prescribed review of its compliance program for the purpose of testing its effectiveness, to be carried out and the results documented every two years by an internal or external auditor of the person or entity.

Griffin Jewellery Designs Inc. is paying the administrative monetary penalty in full and the case is closed.

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, in particular, 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.