The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of CAD 176,960,190 on Xeltox Enterprises Ltd., a British Columbia-incorporated money services business operating as Cryptomus and previously known as Certa Payments Ltd., following a compliance examination for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related regulations. FINTRAC found multiple violations, including failures to submit suspicious transaction reports on 1,068 occasions and to report large virtual currency transactions of CAD 10,000 or more on 1,518 occasions, both during 1 July 2024 to 31 July 2024. Additional breaches included failure to comply with a Ministerial Directive, failure to maintain approved and up-to-date written compliance policies and procedures, failure to assess and document money laundering and terrorist financing risks using prescribed factors, and failure to notify changes to prescribed application information. FINTRAC linked the unreported suspicious transactions to suspected laundering connected to trafficking in child sexual abuse material, fraud, ransomware payments, and sanctions evasion.
Financial Transactions and Reports Analysis Centre of Canada 2025-10-22
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 176.96 million penalty on Cryptomus for AML reporting and compliance failures
FINTRAC imposed a CAD 176,960,190 penalty on Xeltox Enterprises Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failing to report 1,068 suspicious and 1,518 large virtual currency transactions. The unreported transactions were linked to suspected laundering activities related to child sexual abuse material, fraud, ransomware payments, and sanctions evasion.