FINTRAC imposes fines on 2 MSBs: $224,235 on Commerciale I.C.–Pacific Inc. and $24,750 on TreasureMeta Corporation for AML compliance failures, including reporting deficiencies

Violations included late electronic funds transfer reporting, failure to maintain written compliance policies and procedures, inadequate risk assessment documentation, lack of required compliance reviews, and non-compliance with a Ministerial Directive. FINTRAC stated that penalties are intended to drive corrective action and reinforce businesses’ obligations to support Canada’s AML/ATF regime….