FINTRAC imposes an administrative monetary penalty on MP Technology Services Ltd.

News release

December 18, 2025 — Ottawa

FINTRAC announced today that it has imposed an administrative monetary penalty on MP Technology Services Ltd., a subsidiary of MoonPay Inc. Following a compliance examination, this Seychelles-incorporated foreign money services business operating in Canada was imposed an administrative monetary penalty of $536,853.35 on November 20, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

MP Technology Services Ltd., was found to have committed the following administrative violations:

• Failure to submit multiple incoming electronic funds transfer reports of $10,000 or more in the course of a single transaction, together with prescribed information.
• Failure to develop and apply written compliance policies and procedures that are kept up to date, and, in the case of an entity, are approved by a senior officer.
• Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors.
• Failure to submit suspicious transaction reports on multiple separate occasions where there were reasonable grounds to suspect that attempted transactions were related to a money laundering or terrorist activity financing offence.

FINTRAC found that declined transactions that should have been reported to FINTRAC, but were not, were flagged for having direct or indirect exposure to darknet marketplaces, sanctioned entities, and child sexual abuse material.

Quote

“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.”

Quick facts

• As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and associated Regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.
• Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.
• Suspicious transaction reporting, in particular, is critical to FINTRAC’s ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.
• A suspicious transaction report must be submitted to FINTRAC when a financial transaction occurs, or is attempted, and there are reasonable grounds to suspect that the transaction is related to the commission or the attempted commission of a money laundering or terrorist activity financing offence.
• Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, administrative monetary penalties are meant to encourage change in the non-compliant behaviour of businesses.
• In 2024–25, FINTRAC issued 23 Notices of Violation of non-compliance to businesses, the largest number in one year in the Centre’s history, for a total of more than $25 million.
• FINTRAC has imposed more than 150 penalties across most business sectors since it received the legislative authority to do so in 2008.

Related products

• Public notice of administrative monetary penalties
• Change to public notices for administrative monetary penalties
• Administrative monetary penalties policy

Contacts

Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-716-9983
media.medias@fintrac-canafe.gc.ca

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