The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 33,000 administrative monetary penalty on 2147353 Ontario Inc., operating as Cash Shop #27, a money services business in Mississauga, Ontario, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. The penalty was imposed on 2 December 2024. FINTRAC identified one administrative violation: failure to provide, in accordance with a notice, the requested compliance program documentation for the purposes of a compliance examination. FINTRAC also noted that administrative monetary penalties are intended to encourage changes in non-compliant behaviour and reported issuing 12 notices of violation totalling CAD 26,115,999.50 in 2023–24.
Financial Transactions and Reports Analysis Centre of Canada 2025-02-06
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 33,000 penalty on Cash Shop #27 for failing to provide compliance program documentation
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 33,000 penalty on 2147353 Ontario Inc., operating as Cash Shop #27, for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The violation involved failing to provide requested compliance program documentation. FINTRAC reported issuing 12 notices of violation totaling CAD 26,115,999.50 in 2023–24 to encourage compliance.