FINTRAC fined the casino sector of Nova Scotia Gaming Corp. C$231,826 on 23 July after a compliance examination found three administrative violations under Canada’s anti-money-laundering law and related regulations. The breaches centred on suspicious-transaction reporting, written compliance controls and risk assessment.
G3 Newswire said the regulator found the company failed to file suspicious transaction reports when there were reasonable grounds to suspect attempted transactions were tied to money laundering or terrorist financing. It also failed to develop and apply written compliance policies and procedures that were kept up to date and approved by a senior officer, and it did not assess and document the risk of money laundering or terrorist activity financing using the prescribed factors.
As reported in September, FINTRAC also fined the New Brunswick Lotteries and Gaming Corporation over related anti-money-laundering failings.
The Nova Scotia penalty was described as an administrative monetary penalty under Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. G3 also quoted FINTRAC’s acting director and chief executive, Stéphane Sirard, as saying the agency would take firm action when required to ensure businesses fulfil their obligations.
GamblingNews later reported that Nova Scotia Gaming Corp. had paid the penalty and that the matter was now closed.
