Regulatory Alerts2025-09-04
FINTRAC Imposes Administrative Monetary Penalty on Canadian National Exhibition Association
FINTRAC imposed a $199,000 administrative monetary penalty on the Canadian National Exhibition Association for non-compliance with anti-money laundering and terrorist financing regulations. The sanction results from a compliance examination that found the Toronto casino failed to assess and document money laundering risks and to institute the prescribed regulatory reviews required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This enforcement action demonstrates FINTRAC's ongoing efforts to compel regulated entities to maintain robust compliance frameworks and accurately report suspicious transactions to safeguard Canada's financial system.
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