The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of CAD 99,000 on Hub Capital Inc, an independent wealth management firm in Woodbridge, Ontario, considered as a securities dealer, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations following a 2023 compliance examination. The penalty was issued on March 21, 2025, has been paid in full, and proceedings have ended. FINTRAC identified failures to develop and apply up-to-date written compliance policies and procedures approved by a senior officer, assess and document money laundering and terrorist financing risks using prescribed factors, maintain a written ongoing compliance training program, and institute and document the prescribed review of the firm’s policies and procedures, risk assessment and training program. FINTRAC also reiterated that administrative monetary penalties are meant to be non-punitive and are issued to encourage changes in non-compliant behaviour.
Financial Transactions and Reports Analysis Centre of Canada 2025-06-12
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 99,000 penalty on Hub Capital Inc for AML compliance regime failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 99,000 penalty on Hub Capital Inc for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its Regulations. The firm failed to maintain up-to-date compliance policies, assess risks, and implement a compliance training program. FINTRAC emphasized that penalties are non-punitive and aim to encourage compliance.