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FINTRAC Issues First AML Penalties as MSBs Say They Must Close
By Brian Monroe
printCanada took its first step last month into fining financial institutions for anti-money laundering troubles, penalizing two money services business and prompting at least one of the companies to close. Canada's chief financial regulator, The Financial Transactions and Reports Analysis Centre (FINTRAC), penalized Ontario-based A.M. Exchange, Inc. $3,567 and Quebec-based Lesbia Isabel Herrera $3,223. FINTRAC levied the fines-the first since Fintrac gained penalty powers in December-because the businesses failed to register with the agency, according to an Aug. 19 statement. Individuals at both money services businesses (MSBs) said they were closing their offices due to the fines, according to Garry...
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