FINTRAC imposes an administrative monetary penalty on Services Financiers C.M. Inc., in Montréal, Québec

November 18, 2015 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada

Services Financiers C.M. Inc., a money services business in Montréal, Québec, was imposed an administrative monetary penalty of $17,535 on July 27, 2015, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

Services Financiers C.M. Inc. was found to have the following deficiencies:

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"Canada’s anti-money laundering and anti-terrorist financing regime is dependent on the dedicated efforts of Canada’s businesses on the front lines of the legitimate economy. Our compliance efforts are meant to ensure they fulfill their legal obligations and send us the information that we need to produce actionable financial intelligence for our law enforcement and national security partners."

Gérald Cossette
Director, Financial Transactions and Reports Analysis Centre of Canada

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Financial Transactions and Reports Analysis Centre of Canada
613-943-4433

FINTRAC is an arm’s length agency governed by the PCMLTFA that reports to Parliament through the Minister of Finance. The Centre produces financial intelligence that helps law enforcement and national security agencies in fighting money laundering, terrorist activity financing and threats to the security of Canada. FINTRAC’s financial intelligence assists hundreds of criminal investigations every year, including those where the alleged laundered proceeds are linked to drug offences, fraud, tax evasion, corruption and human smuggling and trafficking.

A fundamental aspect of FINTRAC’s mandate is the deterrence and detection of money laundering and terrorist financing. To do so, FINTRAC ensures that businesses subject to the PCMLTFA across the country meet their obligations and generate the financial transaction reports that serve as the foundation for FINTRAC’s analysis and intelligence.

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