FINTRAC imposes an administrative monetary penalty of approx. C$91,000 on the Northern Isga Foundation after a compliance review identified multiple AML/ATF programme deficiencies

These included failures to develop and maintain an adequate risk assessment, implement effective written compliance policies and procedures, provide ongoing staff training, and conduct the required effectiveness review of its compliance framework. The case highlights FINTRAC’s continued supervisory focus on ensuring that reporting entities not only establish formal AML controls but also demonstrate that these controls…