Canada’s FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) imposed an administrative monetary penalty on British Columbia Lottery Corporation (BCLC) for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
The penalty amounts to CAD 1,075,000 and relates to violations identified during a compliance examination.
The findings included:
- Failure to report suspicious transactions
- Failure to develop and apply adequate policies and procedures for high-risk clients
- Failure to take “special measures” for high-risk clients