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Canadian authorities have intensified their efforts to strengthen the country’s anti-money laundering framework by issuing more than $118,000 in administrative monetary penalties against three separate businesses found to be in violation of national financial security regulations. The enforcement actions, carried out by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), targeted VersaBank, RE/MAX Twin City Realty Inc, and Birks Group Inc after regulat

Canada is moving toward a sweeping prohibition of cryptocurrency ATMs as part of a wider government effort to combat fraud and money laundering, following increasing evidence that these machines are being exploited by criminal networks and scam operations. The proposal was introduced in the Liberal government’s Spring Economic Update, released on Tuesday, and calls for the complete removal of crypto ATMs across the country. Officials described these machines as a “primary met

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is reinforcing Canada’s financial crime defenses by overseeing the implementation of mandatory beneficial ownership disclosure requirements aimed at dismantling the anonymity that often enables illicit funds to pass undetected through layered corporate structures. Establishing transparent regulatory standards that clearly identify the individuals who ultimately control legal entities has become a corne