Regulatory Alerts2022-08-16
Added · Updated
FINTRAC imposes an administrative monetary penalty on Cheetah Consulting Ltd.
FINTRAC imposed a $33,000 administrative monetary penalty on Richmond-based money services business Cheetah Consulting Ltd. for failing to register with the agency. The penalty, issued on July 20, 2022, addresses the company's non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. This enforcement action reinforces FINTRAC's mandate to uphold Canada's anti-money laundering and anti-terrorist financing regime by ensuring all regulated entities fulfill their statutory registration and compliance obligations.
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