The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 93,390 administrative monetary penalty on Primary Capital Inc, an exempt market dealer headquartered in Toronto and designated as a securities dealer, following a compliance examination that found non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty was imposed on May 15, 2025, has been paid in full, and proceedings have ended. FINTRAC identified violations including failures to maintain senior officer-approved written compliance policies and procedures, to assess and document money laundering and terrorist financing risk using prescribed factors, to conduct and document the prescribed review of policies and procedures, risk assessment and training, and to take reasonable measures within the prescribed period to determine whether an account holder is a politically exposed foreign person, politically exposed domestic person, head of an international organization, a related family member, or a closely associated person. FINTRAC also noted that it issued 23 notices of violation in 2024–25 totaling more than CAD 25 million and has imposed more than 150 penalties since it received the authority to do so in 2008.
Financial Transactions and Reports Analysis Centre of Canada 2025-09-18
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 93,390 administrative monetary penalty on Primary Capital Inc for anti-money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 93,390 penalty on Primary Capital Inc for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and failure to identify politically exposed persons. FINTRAC has issued 23 notices of violation in 2024–25, totaling over CAD 25 million.