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FINTRAC imposes an administrative monetary penalty on Crystal Currency Exchange Inc.

News release

May 29, 2025 — Ottawa — Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC announced today that it has imposed an administrative monetary penalty on Crystal Currency Exchange Inc. Following a compliance examination, this money services business in Burnaby, British Columbia, was imposed an administrative monetary penalty of $348,067.50 on March 5, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Crystal Currency Exchange Inc. was found to have committed the following administrative 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 works with businesses to help them understand and comply with their obligations under the Act. We are also 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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Financial Transactions and Reports Analysis Centre of Canada
613-716-9983
media.medias@fintrac-canafe.gc.ca

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