Regulatory Alerts2025-09-18
FINTRAC imposes an administrative monetary penalty on Primary Capital Inc.
FINTRAC imposed a $93,390 administrative monetary penalty on Toronto-based exempt market dealer Primary Capital Inc. for violating Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The compliance examination revealed the firm failed to develop and maintain updated written compliance policies, conduct required risk assessments, perform prescribed reviews of its training program, and screen new clients for politically exposed persons. The penalty has been paid in full, concluding the enforcement proceedings while reinforcing FINTRAC’s mandate to ensure financial sector adherence to anti-money laundering obligations.
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