Canada’s anti-money-laundering regulator has imposed a $33,000 administrative penalty on a business in Richmond, B.C., for failing to renew its registration.
The Financial Transactions and Reports Analysis Centre of Canada, better known as FINTRAC, announced the penalty against Coinseason Capital Inc. on Thursday.
The company, which FINTRAC described as a “money services business,” was provided with an opportunity to renew its registration, but “it neither responded to FINTRAC’s emails and letters, nor did it complete its registration renewal by the deadlines provided,” FINTRAC said.
The penalty was imposed on May 31 and has been paid in full, according to the regulator.
“Administrative monetary penalties are meant to be non-punitive and are issued to encourage change in the non-compliant behaviour of businesses,” FINTRAC said.
The regulator says it issued 12 notices of violation with penalties totalling more than $26 million in its 2023-24 fiscal year. It says it has imposed more than 140 penalties “across most business sectors” since it received the authority to do so under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in 2008.
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