Regulatory Alerts2026-05-14
FINTRAC Imposes Administrative Monetary Penalty on 13010431 Canada Inc. (Necosmart)
FINTRAC has imposed a $693,742.50 administrative monetary penalty on Edmonton-based money services business Necosmart for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The enforcement action addresses the company's failure to submit required suspicious transaction reports, develop and maintain updated compliance policies, implement enhanced risk mitigation measures, conduct proper risk assessments, and retain adequate records for virtual currency transactions. This penalty reinforces FINTRAC's mandate to ensure financial sector compliance and deter anti-money laundering and terrorist financing activities across Canadian businesses.
Share