GRI

MSBG International Holdings Ltd.

Enforcement Anti-money laundering Sanctions & Fines
Date: 25th Feb, 2025 Source: Financial Transactions and Reports Analysis Centre of Canada Country: Canada Original Source

Brief

FINTRAC imposed an administrative monetary penalty of $24,750 on MSBG International Holdings Ltd. for committing one serious violation. The violation occurred during a compliance examination in 2023, where it was found that the company had incomplete policies and procedures, specifically lacking details on submitting financial transactions to FINTRAC. The main purpose of this penalty is to ensure MSBG International Holdings Ltd.'s compliance with Proceeds of Crime (Money Laundering) and Terrorist Financing Act requirements. This imposition emphasizes the importance of developing and maintaining up-to-date written compliance policies and procedures in businesses dealing with money services.

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Financial Transactions and Reports Analysis Centre of Canada

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