paper with words anti-money laundering

Canada’s anti-money laundering (AML) regulator, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has sanctioned a Montreal-area money services business for violating the AML rules.

FINTRAC imposed a penalty of $206,250 on a Quebec numbered company, which operates as Apadana Forex, Bureau de change Apadana, Conseil investissement Apadana and Consulting Investment Apadana.

The company was penalized for several violations, including failure to file a suspicious transaction report, failing to assess AML risk and compliance policy failures.

“FINTRAC is committed to working with businesses to help them understand and comply with their obligations,” said Nada Semaan, FINTRAC’s director and CEO.

“At the same time, businesses need to understand that Canada’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of Canada’s economy, and that we will be firm in ensuring that they do their part,” Semaan added.