Regulatory Alerts2025-10-02
Added · Updated
FINTRAC imposes an administrative monetary penalty on HRA Group Holdings
FINTRAC imposed a $132,000 administrative monetary penalty on HRA Group Holdings for failing to comply with mandatory anti-money laundering and terrorist financing regulations. A compliance examination identified four specific breaches, including the absence of updated written policies, inadequate risk assessments, missing staff training programs, and a lack of biennial compliance audits. The penalty has been paid in full, concluding the enforcement action while reinforcing FINTRAC’s requirement that all regulated entities maintain rigorous, documented compliance frameworks.
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