The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty on MSBG International Holdings Ltd., operating as MTT Centre, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. A 2023 compliance examination of the Vancouver, British Columbia money services business found a failure to develop and apply written compliance policies and procedures that are kept up to date. FINTRAC imposed a CAD 24,750 penalty on December 19, 2024, which has been paid in full and the proceedings have ended.
Financial Transactions and Reports Analysis Centre of Canada 2025-02-25
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 24,750 penalty on MSBG International Holdings for AML compliance policy failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 24,750 penalty on MSBG International Holdings Ltd., operating as MTT Centre, for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. A 2023 compliance examination revealed deficiencies in developing and maintaining updated compliance policies and procedures. The penalty was paid in full, concluding the proceedings.