Canada’s money laundering watchdog has fined the Crown corporations in charge of gaming in New Brunswick and Nova Scotia for failing to submit reports regarding suspicious activity.
Fintrac said in a news release Thursday that it has fined the New Brunswick Lotteries and Gaming Corporation almost $400,000 and the Nova Scotia Gaming Corporation almost $232,000.
Fintrac says both organizations failed to submit suspicious transaction reports when there were reasonable grounds to suspect money laundering or terrorist activity.
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Nova Scotia Gaming was also cited for failure to develop up to date written compliance policies
In addition, Fintrac says Nova Scotia Gaming failed to document the risk of money laundering or a terrorist activity financing offence.
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Fintrac and the provincial Crown corporations did not immediately respond to requests for more information on Thursday.
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In a statement, Fintrac’s acting director and CEO, Stéphane Sirard, said regulated businesses have obligations under Canadian law to file reports to deter criminals and terrorists from operating in the legitimate economy.
“We will take firm action, when it is required, to ensure that businesses do their part and fulfil these obligations,” Sirard said in the statement.