Atlantic Lottery Corporation has paid a $212,025 fine following a regulatory review by Canada’s Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The penalty, issued on May 29, stems from three specific violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Compliance Review Findings
The review identified procedural gaps in the company’s reporting and documentation. Atlantic Lottery failed to file a suspicious transaction report despite having grounds to suspect a link to money laundering or terrorist financing. Additionally, the organization did not maintain current written compliance policies approved by a senior officer and did not adequately assess its financial risks.FINTRAC emphasized that these obligations deter criminals from operating in the legitimate economy. The watchdog stated: "We will take firm action when it is required, to ensure that businesses do their part and fulfil these obligations." Atlantic Lottery has settled the penalty in full.