Regulatory Alerts2024-07-11
FINTRAC imposes an administrative monetary penalty on Metna General Trading Inc
FINTRAC imposed a $252,285 administrative monetary penalty on Metna General Trading Inc., a Thornhill money services business, for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The compliance examination revealed failures to establish updated compliance policies, assess money laundering and terrorist financing risks, maintain required transaction records, and adhere to ministerial directives and registration change notifications. Issued to encourage corrective action rather than as punishment, the penalty underscores FINTRAC’s enforcement of Canada’s anti-money laundering regime and its expectation that regulated entities fully implement compliance programs and reporting obligations.
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