Regulatory Alerts2026-02-05
FINTRAC imposes an administrative monetary penalty on Commerciale I.C. - Pacific Inc.
FINTRAC imposed a $224,235 administrative monetary penalty on Commerciale I.C. - Pacific Inc. for failing to comply with mandatory anti-money laundering reporting, compliance policy, and risk assessment requirements under Canadian financial regulations. The September 2025 enforcement action followed a compliance examination that identified specific violations, including delayed electronic funds transfer reporting, absent written compliance procedures, and neglected ministerial directives. This penalty underscores FINTRAC’s active enforcement strategy to deter non-compliance and safeguard Canada’s financial system against illicit financing activities.
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