The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 70,537.50 on 2294235 Ontario Inc., operating as Global Currency Exchange, following a compliance examination of the Niagara Falls, Ontario money services business. The penalty relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. FINTRAC identified administrative violations including failures to maintain up-to-date written compliance policies and procedures, assess and document money laundering and terrorist activity financing risk, maintain a training program, institute and document the prescribed review, provide documents or information in response to a notice, and keep prescribed records.
Financial Transactions and Reports Analysis Centre of Canada 2025-12-02
Financial Transactions and Reports Analysis Centre of Canada fines Global Currency Exchange CAD 70,537.50 for anti-money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 70,537.50 penalty on 2294235 Ontario Inc., operating as Global Currency Exchange, for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, training programs, and record-keeping.