The Financial Transactions and Reports Analysis Centre of Canada has published a notice that it imposed an administrative monetary penalty of CAD 51,562.50 on Birks Group Inc., operating as Birks, following a compliance examination. The penalty was imposed on March 11, 2026 on the dealer in precious metals and precious stones, which has retail locations across Canada, for non-compliance with Part 1 of the Proceeds of Crime Money Laundering and Terrorist Financing Act and its associated Regulations. The violations identified were failures to develop and apply written compliance policies and procedures that were kept up to date and approved by a senior officer, to assess and document money laundering and terrorist financing risk using the prescribed factors, and to carry out and document the required review every two years by an internal or external auditor. FINTRAC notes that administrative monetary penalties under the Act are intended to encourage changes in non-compliant behaviour.
Financial Transactions and Reports Analysis Centre of Canada 2026-05-05
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 51562.50 penalty on Birks Group for anti money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada imposed an administrative monetary penalty of CAD 51,562.50 on Birks Group Inc., operating as Birks, on 11 March 2026 following a compliance examination. The dealer in precious metals and precious stones was sanctioned for failures relating to written compliance policies and procedures, risk assessment and documentation, and the required biennial compliance review under Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.