The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 249,480.50 administrative monetary penalty on Marouf Management Inc., a Toronto money services business operating as Marouf Currency Exchange and 1998063 Ontario Inc., following a 2023 compliance examination. The penalty, issued on 4 November 2024, relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. FINTRAC cited failures to maintain up-to-date written compliance policies and procedures, assess and document money laundering and terrorist financing risk, comply with a ministerial directive, keep prescribed records, register as a money services business with the required information, and notify FINTRAC of changes to its registration. The release also noted that FINTRAC issued 12 notices of violation in 2023–24 totalling CAD 26,115,999.50.
Financial Transactions and Reports Analysis Centre of Canada 2025-05-13
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 249,480.50 administrative monetary penalty on Marouf Management for AML compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 249,480.50 penalty on Marouf Management Inc. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessment failures, and registration issues. FINTRAC also issued 12 notices of violation in 2023–24, totaling CAD 26,115,999.50.