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FINTRAC Enforcement Action: Cheetah Consulting Ltd.

FINTRAC imposes an administrative monetary penalty on Cheetah Consulting Ltd.

News Release

August 16, 2022, Ottawa Ontario

FINTRAC announced today that it has imposed an administrative monetary penalty on Cheetah Consulting Ltd. This money services business in Richmond, British Columbia, was imposed an administrative monetary penalty of $33,000 on July 20, 2022, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Cheetah Consulting Ltd. was found to have committed the following violation:

  • Failure to register as a money services business with the Centre.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, we will be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

Quick Facts

  • As Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
  • Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC.
  • FINTRAC’s Administrative Monetary Penalties program is one of the most open and transparent of its kind, including in relation to penalty calculations.
  • FINTRAC has imposed more than 110 penalties across most business sectors since it received the legislative authority to do so in 2008.

Link:

FINTRAC Enforcement Action

Categories: Anti-Money Laundering Civil Monetary Penalties Enforcement Actions FINTRAC Updates

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