Canada’s financial intelligence unit has imposed a $199,000 fine on the Canadian National Exhibition (CNE) Casino following a compliance investigation.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced Thursday that it found the CNE Casino to be in violation of Part 1 of the Proceeds of Crime and Terrorist Financing Act.
In a press release, FINTRAC said that the casino had failed to “assess and document the risk of a money laundering or terrorist financing offence” and “institute and document the prescribed review.”
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy,” FINTRAC’s CEO, Sarah Paquet, said 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.”
In a statement to CTVNews.ca Gary Bostock, the director of CNE Casino said, “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.”
Bostock said that the CNE Casino has filed the notice to make an appeal of the decision and “these issues are now a matter of the courts.”
FINTRAC says that certain businesses, like casinos, need to keep specific records, identify clients, report certain transactions, and follow other rules as part of the Proceeds of Crime and Terrorist Financing Act. If found to be in violation of the act, businesses may have to pay a fine.
In the 2024-25 fiscal year, FINTRAC handed out 23 Notices of Violation to businesses, the largest number in a year in FINTRAC’s history. That led to $25 million in penalties to businesses.
FINTRAC has handed out more than 150 fines since it gained the authority to do so in 2008.
