Firm fined $19.6 million for alleged transactions involving illegal activity
Police allege site was used for money laundering
Agency uncovered several compliance violations in exam
BCLC says it's appealing the $1 million penalty to Federal Court
Police allege financial institutions defrauded in money laundering scheme
Compliance review uncovered weaknesses in firm's anti-money laundering processes
Compliance review found violations due to weaknesses in policies and procedures
Sanctions follow findings of 2023 review, which flagged four violations
Series of alleged violations included failing to report suspicious activity
Regulator uncovered compliance issues, including dealings with Iran