The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty of CAD 536,853.35 on MP Technology Services Ltd, a subsidiary of MoonPay Inc, after a compliance examination of the Seychelles-incorporated foreign money services business operating in Canada. The penalty, imposed on November 20, 2025, relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. FINTRAC identified failures to submit multiple incoming electronic funds transfer reports for transactions of CAD 10,000 or more, maintain up-to-date written compliance policies and procedures approved by a senior officer, assess and document money laundering and terrorist financing risk, and file suspicious transaction reports where there were reasonable grounds to suspect attempted transactions were linked to money laundering or terrorist activity financing. It also found that declined transactions that should have been reported were flagged for direct or indirect exposure to darknet marketplaces, sanctioned entities, and child sexual abuse material.
Financial Transactions and Reports Analysis Centre of Canada 2025-12-18
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 536,853.35 penalty on MP Technology Services Ltd for AML compliance and reporting failures
FINTRAC fined MP Technology Services Ltd, a MoonPay Inc subsidiary, CAD 536,853.35 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failing to report large electronic funds transfers, maintain compliance policies, assess money laundering risks, and report suspicious transactions. Declined transactions linked to darknet marketplaces and sanctioned entities were also not reported.