The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 544,500 on Canaccord Genuity Corp. for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations, following a 2023 compliance examination. The penalty was imposed on 14 May 2025, has been paid in full, and proceedings have ended. FINTRAC found violations including failure to submit suspicious transaction reports where there were reasonable grounds to suspect money laundering or terrorist activity financing, failure to maintain up-to-date written compliance policies and procedures approved by a senior officer, failure to assess and document money laundering and terrorist financing risk using prescribed factors, and failure to apply prescribed special measures for high-risk situations. FINTRAC noted that administrative monetary penalties are issued to encourage changes in non-compliant behaviour; it also reported issuing 12 notices of violation totalling CAD 26,115,999.50 in 2023–24.
Financial Transactions and Reports Analysis Centre of Canada 2025-07-03
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 544,500 administrative monetary penalty on Canaccord Genuity for AML reporting and compliance regime failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 544,500 penalty on Canaccord Genuity Corp. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failure to report suspicious transactions and inadequate compliance policies. FINTRAC aims to encourage compliance changes, having issued 12 violation notices totaling CAD 26,115,999.50 in 2023–24.