The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of CAD 77,137.50 on Griffin Jewellery Designs Inc. after a compliance examination found non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. Griffin Jewellery Designs is a full-service jewellery retailer with 21 locations across Ontario, Nova Scotia and New Brunswick. The administrative violations related to core compliance regime requirements: failure to develop and apply 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 conduct and document a prescribed effectiveness review of the compliance program every two years by an internal or external auditor. The penalty was imposed on 17 October 2025, has been paid in full, and FINTRAC closed the case.
Financial Transactions and Reports Analysis Centre of Canada 2025-12-04
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 77,137.50 penalty on Griffin Jewellery Designs for AML compliance program failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Griffin Jewellery Designs Inc. CAD 77,137.50 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and effectiveness reviews. The penalty was paid in full, and the case is closed.