Regulatory Alerts2022-03-03
FINTRAC Imposes Administrative Monetary Penalty on Sino Financial Ltd
The Financial Transactions and Reports Analysis Centre of Canada imposed a $33,000 administrative monetary penalty on Sino Financial Ltd for failing to register as a money services business. This enforcement action addresses the company's non-compliance with Part 1 of the Proceeds of Crime Money Laundering and Terrorist Financing Act and its associated regulations. The regulator requires all money services businesses to register, maintain compliance programs, and report specific transactions to uphold Canada's anti-money laundering and anti-terrorist financing framework.
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