Crystal Currency Exchange Inc.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $348,067.50 on Crystal Currency Exchange Inc. for committing 9 violations related to money laundering and terrorist financing regulations. The main purpose of this action is to ensure compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The impact on the industry highlights the importance of effective compliance programs, including risk assessments, ongoing training, and prescribed reviews, to prevent non-compliance and maintain a safe business environment.