The British Columbia Lottery Corporation has been fined $1,075,000 by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for three violations of money-laundering rules. The Crown corporation said that it is appealing the decision.
Following a compliance examination, FINTRAC found that the corporation had failed to report suspicious transactions, failed to develop and apply policies for high-risk clients, and did not take special measures for those high-risk clients. The federal agency issued the fine on July 17.
“FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed,” FINTRAC Director and CEO Sarah Paquet said in an Aug. 28 statement….