Fintrac Fines Crown Corporations Over Missing Money Laundering Reports
Crown corporations in New Brunswick and Nova Scotia have been fined by Fintrac for failing to report suspicious activity related to the Atlantic Lottery Corporation's online casino operations.
The New Brunswick Lotteries and Gaming Corporation was hit with a fine of almost $400,000, while the Nova Scotia Gaming Corporation received a penalty of nearly $232,000. Both fines have been paid in full.
The Crown corporations failed to file suspicious transaction reports when they had reasonable grounds to suspect money laundering or terrorist financing. Additionally, Nova Scotia Gaming was cited for not having current written compliance policies and for failing to properly document risks related to money laundering or terrorist activity financing offences.
No actual evidence of money laundering was uncovered during the investigation, according to New Brunswick Finance Minister Rene Legacy.