Feed / Enforcement & compliance
By SectorWire desk ·
The report said that FINTRAC penalised Atlantic Lottery just over $212,000 for compliance breaches. The company accepted the decision without a challenge while expressing confidence in its internal controls and saying the findings did not involve criminal conduct.
Atlantic Lottery will not contest the compliance penalty.
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Failures to report suspicious transactions resulted in anti-money laundering penalties that both gaming corporations paid in full.
Atlantic Lottery will pay the penalty without contesting FINTRAC’s ruling.
Prediction markets face calls for stronger restrictions after financial regulators stated sports event contracts should not qualify as securities.
Gaming corporations in New Brunswick and Nova Scotia paid CA$631,538.50 after examinations found failures to report suspicious transactions.
Both gaming organisations complied with FINTRAC’s suspicious transaction penalties, and their enforcement cases are closed.
The penalties expose provincial government gaming corporations to enforcement by Canada’s anti-money laundering watchdog.