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FINTRAC imposes an administrative monetary penalty on 857132 Ontario Limited

News release

August 24, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC announced today that it has imposed an administrative monetary penalty on 857132 Ontario Limited, also operating as Diamonds For Less. This precious metals and precious stones dealer in Toronto, Ontario, was imposed an administrative monetary penalty of $99,314 on June 1, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

857132 Ontario Limited was found to have committed the following violations:

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"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. FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed."

Sarah Paquet, 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

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