Public Statement – Sanctions on Canadian Money Services Businesses

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Statement

November 6, 2026

FINTRAC has coordinated with the United States Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) in the imposition of sanctions against eight Canadian money services businesses.

FINTRAC works regularly with foreign financial intelligence units to combat money laundering, terrorist financing and sanctions evasion. Through bilateral agreements, the Centre is able to disclose intelligence to financial intelligence units worldwide.

The Centre has also taken aggressive action on its own in relation to money services businesses dealing in virtual currency. Since the beginning of 2026, FINTRAC has revoked the registrations of 161 money services businesses, more than the last three years combined.

Over the past year, the Centre imposed administrative monetary penalties on nine money services businesses for more than $198 million for a variety of violations, including failing to register with FINTRAC and failing to report large virtual currency transactions. These are among the largest regulatory penalties in Canadian history.

With the passage of C-12 in March 2026, the Government of Canada increased the potential criminal offence for operating without a valid money services business registration, including, on conviction on indictment, a fine of not more than $5,000,000 or imprisonment for a term of not more than five years, or both.

Over the past year, FINTRAC also disclosed 28 cases of non-compliance in relation to money services businesses to law enforcement, providing information that would be relevant to investigating or prosecuting criminal non-compliance of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

In September 2025, the RCMP Money Laundering Investigative Team seized more than $56 million in cryptocurrency – the largest crypto seizure in Canadian history. The investigation found that a business involved failed to register with FINTRAC as a money services business. The cryptocurrency exchange platform was dismantled by Canadian law enforcement.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC is prohibited from disclosing information on compliance actions in relation to specific businesses, except in the case of a public notice regarding the imposition of an administrative monetary penalty.