Regulatory Alerts2025-05-29
Added · Updated
FINTRAC imposes an administrative monetary penalty on Crystal Currency Exchange Inc.
FINTRAC imposed a $348,067.50 administrative monetary penalty on Crystal Currency Exchange Inc., a Burnaby-based money services business, for systemic non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The enforcement action addresses nine specific violations, including the failure to file suspicious transaction reports, report large cash and electronic funds transfers exceeding $10,000, and appoint a compliance officer. These penalties underscore FINTRAC’s commitment to enforcing mandatory reporting, risk assessment, and internal control obligations across all regulated financial sectors to safeguard the Canadian economy.
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