Regulatory Alerts2025-05-13
FINTRAC imposes an administrative monetary penalty on Marouf Management Inc
FINTRAC has imposed a $249,480.50 administrative monetary penalty on Toronto-based Marouf Management for failing to comply with Canada’s anti-money laundering and anti-terrorist financing regulations. Following a 2023 compliance examination, the money services business was found to have committed multiple administrative violations, including the failure to implement updated compliance policies, assess money laundering risks, maintain required records, and properly register with the regulator. The penalty underscores FINTRAC’s commitment to enforcing the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and ensuring that financial entities actively mitigate risks to Canada’s economic security.
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