The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 224,235 on Commerciale I.C. - Pacific Inc., also operating as I.C. - Pacific Trading Inc., following a compliance examination of the Montréal, Quebec money services business for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. The violations included failure to submit electronic funds transfer reports within five working days, failure to develop and apply written compliance policies and procedures, failure to assess and document risk using prescribed factors, failure to institute and document the required review, and failure to comply with a Ministerial Directive. FINTRAC notes that administrative monetary penalties are intended to encourage changes in non-compliant behaviour.
Financial Transactions and Reports Analysis Centre of Canada 2026-02-05
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 224,235 penalty on Commerciale I.C. - Pacific for anti-money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 224,235 penalty on Commerciale I.C. - Pacific Inc. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, citing failures in reporting, compliance policy development, risk assessment, and adherence to a Ministerial Directive.