Canadian anti-money laundering authorities have sanctioned a U.K.-based money services business for violating Canadian regulations, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on Friday.

FINTRAC has imposed an administrative monetary penalty of $149,200 on Coin Co International plc, based in West Sussex, U.K., for violating the Canada’s anti-money laundering rules and laws.

FINTRAC uses administrative monetary penalties to encourage compliance by firms that must report to the agency.

The firm was found to have several deficiencies, FINTRAC reports, including: failing to properly report large cash transactions; failing to assess and document the risks related to money laundering and terrorist financing; and, failing to confirm the identity of clients for foreign exchange transactions of $3,000 or more.

“Canada’s anti-money laundering and anti-terrorist financing regime is dependent on the dedicated efforts of Canada’s businesses on the front lines of the legitimate economy. Our compliance efforts are meant to ensure they fulfill their legal obligations and send us the information that we need to produce actionable financial intelligence for our law enforcement and national security partners,” said Gérald Cossette, director of FINTRAC, in a statement.