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Administrative monetary penalty imposed on Deshi Foreign Exchange Inc.

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


Deshi Foreign Exchange Inc., a money services business in Toronto, Ontario, was imposed an administrative monetary penalty of $33,000 on May 25, 2023, for committing 1 violation. The violation was found during the course of compliance actions undertaken in 2022. The case is closed.

Nature of violation

Violation #1

Failure to register with the Centre – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 11.1

Deshi Foreign Exchange Inc. failed to register as a money services business with the Centre.

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