News release: FINTRAC imposes an administrative monetary penalty on 9197-9195 Québec Inc.

FINTRAC announced today that it has imposed an administrative monetary penalty on 9197-9195 Québec Inc. operating as Apadana Forex, Bureau de change Apadana, Conseil investissement Apadana and Consulting Investment Apadana. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $206,250 on July 2, 2020 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.

9197-9195 Québec Inc. was found to have committed the following violations:

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“FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. At the same time, businesses need to understand that Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy, and that we will be firm in ensuring that they do their part.”

Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

Twitter: @FINTRAC_Canada

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