Stay informed about the latest FINTRAC enforcement actions, regulatory changes, and compliance best practices for Canadian MSBs and reporting entities.
FINTRAC has issued one of the most severe enforcement actions in its history — a $176,960,190 administrative monetary penalty against Xeltox Enterprises Ltd., operating as Cryptomus, for 2,593 violations across six categories.
First Nations Bank of Canada faces a $601,139.80 penalty for multiple AML compliance violations including failure to submit STRs, inadequate policies, and poor ongoing monitoring—one of the largest penalties of 2025.
DMCL Chartered Professional Accountants faces a $72,750 penalty for failing to maintain proper AML compliance policies, risk assessments, and effectiveness reviews—a warning for all professional services firms subject to FINTRAC oversight.
Bill C-2 (tabled June 19, 2025) raises the stakes for every organization subject to Canada's PCMLTFA. The message is simple: more reporting, higher accuracy, and tougher penalties for getting it wrong.
Halton Regional Police arrested a suspect in an 18-month human trafficking investigation, with FINTRAC financial intelligence playing a crucial role in providing evidence that supported the charges.
New FINTRAC regulatory requirements came into force on October 1, 2025, affecting MSBs, FMSBs, and other reporting entities. Learn about agent verification, beneficial ownership requirements, and sanctions reporting obligations.
HRA Group Holdings, a Vancouver-based dealer in precious metals and stones, was fined $132,000 by FINTRAC for four serious compliance violations, highlighting common gaps in AML programs across Canada's DPMS sector.
KuCoin faces the largest FINTRAC penalty in history—$19.5M—for operating without registration and failing to report thousands of suspicious crypto transactions. This landmark case signals a new era of crypto enforcement in Canada.
On September 23, 2025, FINTRAC imposed a $264,000 penalty on Spence Diamonds Ltd. for significant compliance failures. This case highlights the critical importance of automated FINTRAC reporting and proper AML compliance programs.
Primary Capital Inc., a securities dealer, faces a $93,390 FINTRAC penalty for compliance policy failures, missing risk assessments, and inadequate PEP screening. This case highlights critical compliance requirements for securities dealers.
CNE Casino faces a $199,000 FINTRAC penalty for failing to document risk assessments and compliance reviews. This case demonstrates the critical importance of proper documentation in AML compliance programs.
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