Regulatory Alerts2025-02-25
FINTRAC imposes an administrative monetary penalty on MSBG International Holdings Ltd.
FINTRAC has imposed a $24,750 administrative monetary penalty on Vancouver-based money services business MSBG International Holdings Ltd. for failing to develop and maintain updated written compliance policies and procedures. The enforcement action, finalized on December 19, 2024, addresses specific violations of Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act identified during a 2023 compliance examination. The business has paid the penalty in full, concluding the proceedings and underscoring FINTRAC’s commitment to enforcing anti-money laundering and anti-terrorist financing obligations across regulated sectors.
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