Canada's FINTRAC Fines Three Firms in AML Compliance Crackdown

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Canada’s anti-money laundering watchdog, FINTRAC, has fined three companies more than C$118,000 in a fresh compliance crackdown targeting firms across banking, real estate, and luxury retail. The penalties were announced on May 5 as Canadian authorities continue to tighten scrutiny of AML controls across multiple sectors.

The largest fine went to Birks Group Inc., which was ordered to pay C$51,562.50 after regulators said the company failed to maintain up-to-date compliance policies, properly assess money laundering and terrorist financing risks, and carry out mandatory biennial reviews of its AML program. The company is appealing the decision.

VersaBank was fined C$42,075 over alleged weaknesses in written compliance procedures and in enhanced measures for higher-risk clients, while RE/MAX Twin City Realty Inc. received a C$24,750 penalty for failing to properly assess and document money laundering risks. Both cases have been closed after payment.

The enforcement actions come as Canada ramps up its financial crime agenda. In its 2024–25 fiscal year, FINTRAC issued 23 notices of violation totaling more than C$25 million, the highest annual number since it gained penalty powers in 2008.