The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of CAD 348,067.50 on Crystal Currency Exchange Inc., a money services business in Burnaby, British Columbia, following a compliance examination under Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. The penalty was imposed on March 5, 2025. The violations included failing to submit suspicious transaction reports where there were reasonable grounds to suspect money laundering or terrorist activity financing, failing to report large cash transactions of CAD 10,000 or more, and failing to submit prescribed incoming and outgoing electronic funds transfer reports of CAD 10,000 or more. FINTRAC also cited deficiencies in the compliance regime, including not appointing a compliance officer, not maintaining up-to-date written compliance policies and procedures, not assessing and documenting money laundering and terrorist financing risk, not maintaining a training program, and not instituting and documenting the required review.
Financial Transactions and Reports Analysis Centre of Canada 2025-05-29
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 348,067.50 penalty on Crystal Currency Exchange for transaction reporting and compliance regime failures
FINTRAC imposed a CAD 348,067.50 penalty on Crystal Currency Exchange Inc. for violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Infractions included failing to report suspicious transactions, large cash transactions, and electronic funds transfers of CAD 10,000 or more, alongside compliance regime deficiencies like lack of a compliance officer and inadequate risk assessment.