Regulatory Alerts2023-08-24
Added · Updated
FINTRAC imposes an administrative monetary penalty on 857132 Ontario Limited
FINTRAC imposed a $99,314 administrative monetary penalty on Toronto-based 857132 Ontario Limited for non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The enforcement action targets the dealer's failure to submit large cash transaction reports, appoint a compliance officer, develop written risk assessments and policies, and maintain a staff training program. This penalty reinforces FINTRAC’s mandate to ensure regulated entities uphold mandatory compliance regimes and reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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