CBC News reported on March 22, 2011 that FINTRAC had issued a penalty of $148,840 to Saskatchewan’s gaming corporation, SaskGaming, for lapses in compliance with Canada’s anti-money laundering legislation found in an April 2010 examination. That penalty has not yet been published by FINTRAC, and cannot be until all avenues of appeal open to SaskGaming are exhausted. According to the CBC, which reports that it obtained its information from SaskGaming, the violations related to deficiencies in the company’s risk assessment training program, and the timely filing of large cash transaction reports (LCTRs).
News Talk 980′s website reports that the training and risk assessment violations were in the legislative category “Very Serious” and that the other seven violations were all related to LCTRs and classified as ”Minor”. That source also quotes SaskGaming’s CEO as saying that they had a risk assessment, but that it was judged by FINTRAC to be not robust. It also quotes their CEO as saying that FINTRAC reduced their penalty by $8,660 because of the remedial steps so far, and that she was hopeful for further reductions from FINTRAC if additional compliance remediation is achieved.
If you’re concerned about your compliance regime, or have an upcoming FINTRAC examination, Williams McGuire AML Inc. can assist you.
Read more:
http://www.cbc.ca/news/canada/saskatchewan/story/2011/03/22/sk-gaming-corp-fines-110322.html
http://www.newstalk980.com/story/20110322/48822
See our FINTRAC Penalty Table at:
http://www.amlcompliance.ca/aml-compliance-obligations/fintrac-fines-and-penalties/
This entry was posted in Uncategorized and tagged AML Compliance, AML enforcement, AML risk assessment, Anti-Money Laundering Compliance, BCLC, casino money laundering, casinos, compliance examinations, fines and penalties, FINTRAC fines, FINTRAC penalties, gaming, SaskGaming. Bookmark the
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CBC News reported on March 22, 2011 that FINTRAC had issued a penalty of $148,840 to Saskatchewan’s gaming corporation, SaskGaming, for lapses in compliance with Canada’s anti-money laundering legislation found in an April 2010 examination. That penalty has not yet been published by FINTRAC, and cannot be until all avenues of appeal open to SaskGaming are exhausted. According to the CBC, which reports that it obtained its information from SaskGaming, the violations related to deficiencies in the company’s risk assessment training program, and the timely filing of large cash transaction reports (LCTRs).
News Talk 980′s website reports that the training and risk assessment violations were in the legislative category “Very Serious” and that the other seven violations were all related to LCTRs and classified as ”Minor”. That source also quotes SaskGaming’s CEO as saying that they had a risk assessment, but that it was judged by FINTRAC to be not robust. It also quotes their CEO as saying that FINTRAC reduced their penalty by $8,660 because of the remedial steps so far, and that she was hopeful for further reductions from FINTRAC if additional compliance remediation is achieved.
If you’re concerned about your compliance regime, or have an upcoming FINTRAC examination, Williams McGuire AML Inc. can assist you.
Read more:
http://www.cbc.ca/news/canada/saskatchewan/story/2011/03/22/sk-gaming-corp-fines-110322.html
http://www.newstalk980.com/story/20110322/48822
See our FINTRAC Penalty Table at:
http://www.amlcompliance.ca/aml-compliance-obligations/fintrac-fines-and-penalties/