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By SectorWire desk ·
The report said that FINTRAC imposed a $212,025 penalty on Atlantic Lottery for anti-money laundering compliance failures. Atlantic Lottery said it would accept the decision without a challenge.
Atlantic Lottery will pay the penalty without contesting FINTRAC’s ruling.
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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 not contest the compliance penalty.
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.