"Canada's financial intelligence agency has fined the Canadian National Exhibition Casino $199,000 for failure to comply with money laundering and terrorist financing risk assessment and documentation rules. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced the penalties for two administrative violations by the CNE Casino in a public notice on its website on Thursday. The penalties were imposed after the CNE Casino indicated staff would report any high-risk transactions to an appointed compliance officer, the agency said."
"'This process does not meet the legislative requirement' to have a documented, risk-based assessment to mitigate potential money laundering or terrorist financing crimes, said FINTRAC in its public notice. The agency said CNE Casino also failed to provide documentation of an annual review of its compliance program. 'Suspicious transaction reporting, in particular, is critical to FINTRAC's ability to generate actionable financial intelligence for Canada's law enforcement and national security agencies,' it said."
FINTRAC fined the Canadian National Exhibition (CNE) Casino $199,000 for failing to comply with money laundering and terrorist financing risk assessment and documentation rules. The penalties addressed two administrative violations: lack of a documented, risk-based assessment to mitigate potential money laundering or terrorist financing crimes and failure to provide documentation of an annual review of the casino’s compliance program. CNE Casino had relied on staff reporting high-risk transactions to an appointed compliance officer, a process FINTRAC found insufficient. CNE Casino has filed an appeal seeking court review and maintains it is in full regulatory compliance and that no criminal activity has been alleged. Casinos must keep records, identify clients, and report suspicious transactions under the Proceeds of Crime and Terrorist Financing Act, and FINTRAC shares such intelligence with law enforcement.
Read at www.cbc.ca
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