Canada鈥檚 financial intelligence watchdog has fined the Canadian National Exhibition Association $199,000 for a lack of compliance to regulatory procedures at its casino.
issued on Thursday by the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), the CNE Casino was handed the administrative monetary penalty on July 11 over two violations: failure to assess and document the risk of a money laundering or terrorist financing offence, and failure to institute and document the prescribed review.
Fintrac鈥檚 role is to report any suspicious financial activity to the relevant authorities to assist their investigations into money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada. Casinos along with other financial entities are required to keep certain records, identify clients and report certain financial transactions including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.
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鈥淐anada鈥檚 Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada鈥檚 economy. Fintrac works with businesses to help them understand and comply with their obligations,”聽said Sarah Paquet,聽Fintrac’s director and chief executive officer, in a statement. “We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
The director of the CNE Casino said there are plans to appeal the fine.
“There has never been any allegation of criminal activity at the CNE Casino in this process. We are in full compliance with all regulations and are committed to operating a safe, legal, and efficient business that benefits our charitable Foundation,” Gary Bostock said in a statement. “The CNE Casino has filed the necessary notice to appeal and have a court review Fintrac鈥檚 penalty. These issues are now a matter of the courts.鈥澛
The CNE鈥檚 casino runs longer than the annual three-week end-of-summer fair, and operated this year from July 23 to Sept. 1.
The fine was issued before the casino’s opening date. The Star reached out to Fintrac for clarification over when the infraction took place, but didn’t receive a response by publication time. Bostock said that the casino was “fully committed to complying with any and all regulations鈥 during this past season.
Fintrac said that in 2024-25, it issued 23 notices of compliance violation to businesses, with fines totalling over $25 million, which is the largest amount in a one-year period since the organization was established in 2008.聽
Raju Mudhar聽is a 色色啦-based reporter for the Star
covering breaking news. Reach him via email: rmudhar@thestar.ca
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