Regulatory Alerts2025-12-18
FINTRAC imposes an administrative monetary penalty on MP Technology Services Ltd
FINTRAC imposed a $536,853.35 administrative monetary penalty on MP Technology Services Ltd., a Seychelles-incorporated foreign money services business operating in Canada, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The compliance examination revealed multiple failures, including not submitting required incoming electronic funds transfer reports, lacking updated written compliance policies approved by senior officers, and failing to conduct proper money laundering and terrorist financing risk assessments. Notably, the entity neglected to file suspicious transaction reports for transactions flagged with exposure to darknet marketplaces, sanctioned entities, and child sexual abuse material, prompting FINTRAC to enforce the penalty to ensure regulatory compliance.