FINTRAC fines Xeltox Enterprises CAD $176.9M for widespread AML violations, including failure to report suspicious and large virtual-currency transactions linked to high-risk and illicit activities

The Company failed to submit 1,068 suspicious transaction reports and 1,518 large virtual currency transaction reports, neglected to maintain written compliance policies, conduct risk assessments, notify FINTRAC of changes in prescribed information, and comply with a ministerial directive. FINTRAC stated that many unreported transactions were linked to serious criminal activity, including child exploitation…