Regulatory Alerts2025-02-06
FINTRAC imposes an administrative monetary penalty on Cash Shop #27
FINTRAC imposed a $33,000 administrative monetary penalty on Mississauga-based money services business Cash Shop #27 for violating Canada’s anti-money laundering regulations. The penalty, issued on December 2, 2024, stems from the company's failure to provide requested compliance program documentation during a regulatory examination as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This enforcement action underscores FINTRAC’s commitment to ensuring financial sector compliance and maintaining the integrity of Canada’s anti-money laundering and counter-terrorist financing regime.
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