DistantNews
Support us
🇨🇦 Canada /Crime & Justice

New Brunswick and Nova Scotia gaming Crown corporations fined over weak money-laundering reports

From Global News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement Outcome reported
  • Fintrac fined New Brunswick’s gaming corporation nearly C$400,000 and Nova Scotia’s almost C$232,000 for failing to file suspicious transaction reports.
  • Fintrac said the organizations did not report activity when they had reasonable grounds to suspect money laundering or terrorist financing.
  • Nova Scotia Gaming also failed to maintain up-to-date compliance policies and document relevant financing risks.

Canada’s money-laundering watchdog has fined the Crown corporations overseeing gaming in New Brunswick and Nova Scotia for failing to report suspicious activity.

Fintrac said it imposed a fine of almost C$400,000 on the New Brunswick Lotteries and Gaming Corporation and nearly C$232,000 on the Nova Scotia Gaming Corporation. Both organizations failed to submit suspicious transaction reports when there were reasonable grounds to suspect money laundering or terrorist activity.

Nova Scotia Gaming faced additional findings. Fintrac said it had not developed up-to-date written compliance policies and had failed to document the risk of money laundering or terrorist financing offences.

Fintrac’s acting director and chief executive, Stéphane Sirard, said businesses regulated under Canadian law must file reports to prevent criminals and terrorists from using the legitimate economy. “We will take firm action, when it is required, to ensure that businesses do their part and fulfil these obligations,” he said.

Fintrac and the two provincial corporations did not immediately respond to requests for further information.

We will take firm action, when it is required, to ensure that businesses do their part and fulfil these obligations.

· Stéphane SirardFintrac’s acting director and CEO described the watchdog’s approach to reporting requirements.
About this summary

Originally published by Global News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog