The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 91,162.50 on Northern Isga Foundation, a non-profit charitable organization operating as a casino-sector reporting entity headquartered in Glenevis, Alberta, following a compliance examination. The penalty, imposed on March 2, 2026, relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. FINTRAC found administrative violations tied to core compliance programme elements, including failure to develop and maintain up-to-date written compliance policies and procedures approved by a senior officer, failure to assess and document risk using prescribed factors, failure to implement a written ongoing compliance training programme for employees and other authorized persons, and failure to establish and document a plan to review the effectiveness of the compliance programme every two years.
Financial Transactions and Reports Analysis Centre of Canada 2026-03-26
Financial Transactions and Reports Analysis Centre of Canada fines Northern Isga Foundation CAD 91,162.50 for anti-money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 91,162.50 penalty on Northern Isga Foundation for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessment, training programmes, and effectiveness reviews.