Region

Jurisdiction

Regulator

2025-02-06

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.

Canada

Financial Transactions and Reports Analysis Centre Canada

News release

February 6, 2025 — Ottawa — Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC announced today that it has imposed an administrative monetary penalty on 2147353 Ontario Inc., also operating as Cash Shop #27. This money services business in Mississauga, Ontario, was imposed an administrative monetary penalty of $33,000 on December 2, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Cash Shop #27 was found to have committed the following administrative violation:

Failure to provide, in accordance with a notice, the requested compliance program documentation for purposes of a compliance examination.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick facts

As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and associated Regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.

Suspicious transaction reporting, in particular, is critical to FINTRAC’s ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, administrative monetary penalties are meant to encourage change in the non-compliant behaviour of businesses.

In 2023–24, FINTRAC issued 12 Notices of Violation of non-compliance to businesses for a total of $26,115,999.50.

FINTRAC has imposed more than 140 penalties across most business sectors since it received the legislative authority to do so in 2008.