Regulatory Alerts2023-08-17
FINTRAC imposes an administrative monetary penalty on Deshi Foreign Exchange Inc.
FINTRAC has imposed a $33,000 administrative monetary penalty on Toronto-based Deshi Foreign Exchange Inc. for failing to register as a money services business. The penalty, issued on May 25, 2023, addresses the company's non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. This enforcement action underscores FINTRAC's commitment to ensuring all designated businesses maintain compliance regimes and report financial transactions to protect Canada's economy from money laundering and terrorist financing.
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