Regulatory Alerts2025-12-11
FINTRAC imposes an administrative monetary penalty on Juba Express Inc
FINTRAC imposed a $67,150 administrative monetary penalty on Toronto-based money services business Juba Express Inc. for violating Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The penalty addresses multiple compliance failures, including the absence of updated anti-money laundering policies, inadequate risk assessments, and repeated failures to report large cash and electronic transactions exceeding $10,000. This enforcement action underscores FINTRAC's commitment to ensuring financial institutions maintain robust reporting mechanisms and regulatory compliance to safeguard the Canadian economy.
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