# FINTRAC Penalties and MSB Revocations Tracker

- URL: https://cbesgroup.ca/insights/msb-regulated/fintrac-penalties-tracker
- Author: Eugene Jakubov, Licensed Lawyer & Senior Consultant (https://cbesgroup.ca/author/eugene-jakubov)
- Publisher: CBES Group (https://cbesgroup.ca/)
- Published: 2026-10-24
- Language: English (en)
- Category: MSB & Regulated
- Summary: Every public FINTRAC administrative monetary penalty notice since January 2024, with dates, sectors, amounts, violations and source links, plus what FINTRAC publishes on MSB registration revocations. Updated monthly.

From January 1, 2024 to October 24, 2026, FINTRAC published 59 public notices of administrative monetary penalties totalling $225.1 million. Seventeen involved money services businesses (MSBs). The most cited violations were failures to develop and apply compliance policies and procedures (47 notices), to assess and document risk (44) and to report suspicious transactions (21).

**Data as of October 24, 2026; updated monthly.** The latest notice included was published on September 24, 2026.

One penalty dominates the total. FINTRAC imposed $176,960,190 on Xeltox Enterprises Ltd. (Cryptomus) in 2025. That is 79% of all penalty dollars in this tracker. The other 58 notices total $48.1 million.

## Key numbers

| Period | Public notices | Total amount (CAD) | MSB notices | MSB amount (CAD) |
|---|---|---|---|---|
| 2024 | 12 | $18,905,399.50 | 5 | $6,831,917 |
| 2025 | 30 | $203,083,397.15 | 9 | $197,842,028.85 |
| 2026 (to October 24) | 17 | $3,101,753.50 | 3 | $942,727.50 |
| Total | 59 | $225,090,550.15 | 17 | $205,616,673.35 |

- Years follow the date FINTRAC published each notice. Each notice states when the penalty was imposed, which is earlier.
- The 17 MSB notices include 3 foreign MSBs: Binance (2024), KuCoin (2025) and MP Technology Services, a MoonPay subsidiary (2025).
- Without the Cryptomus penalty, 2025 had 29 notices totalling $26,123,207.15.
- The five largest penalties were Cryptomus ($176,960,190), KuCoin ($19,552,000), The Toronto-Dominion Bank ($9,185,000), Binance ($6,002,000) and Exchange Bank of Canada ($2,457,750).
- The median penalty was $116,160.
- 21 notices say the entity appealed to the Federal Court. Two report a lower final amount: Exchange Bank of Canada (varied to $1,027,975 by the Federal Court) and Houston & Associates Realty ($63,987.50 paid after the appeal was resolved). Totals on this page use the amounts as first imposed.

### Penalties by sector

| Sector | Notices | Total amount (CAD) |
|---|---|---|
| Money services businesses (incl. 3 foreign MSBs) | 17 | $205,616,673.35 |
| Real estate | 15 | $1,206,936 |
| Casinos | 6 | $3,292,563.50 |
| Credit unions | 6 | $1,147,410 |
| Securities dealers | 5 | $852,390 |
| Banks | 4 | $12,285,964.80 |
| Precious metals and stones dealers | 4 | $524,700 |
| Charity receiving casino revenue | 1 | $91,162.50 |
| Accountants | 1 | $72,750 |

## Every FINTRAC penalty notice since January 2024

Newest first. Amounts are in Canadian dollars, as stated in each notice. "Main violations" groups the violations each notice lists (see the methodology below). Each row links to the FINTRAC notice.

| Date | Entity | Sector | Amount (CAD) | Main violations | Source |
|---|---|---|---|---|---|
| 2026-09-24 | Caisse populaire acadienne ltée (UNI Financial Cooperation) | Credit union | $676,500 | Suspicious transaction reports, Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-24-4-eng) |
| 2026-09-24 | Pathwise Credit Union | Credit union | $41,250 | Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-24-3-eng) |
| 2026-09-24 | Your Neighbourhood Credit Union Limited | Credit union | $16,500 | Policies and procedures | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-24-2-eng) |
| 2026-09-24 | Caisse populaire Alliance limitée (Caisse Alliance) | Credit union | $82,500 | Policies and procedures, Enhanced measures (high risk), Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-24-1-eng) |
| 2026-09-03 | New Brunswick Lotteries and Gaming Corporation | Casino | $399,712.50 | Suspicious transaction reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-03-2-eng) |
| 2026-09-03 | Nova Scotia Gaming Corporation | Casino | $231,826 | Suspicious transaction reports, Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-09-03-1-eng) |
| 2026-07-09 | VIP Realty Inc. (Royal LePage Integrity Realty) | Real estate | $33,000 | Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-07-09-2-eng) |
| 2026-07-09 | Atlantic Lottery Corporation Inc. | Casino | $212,025 | Suspicious transaction reports, Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-07-09-1-eng) |
| 2026-05-14 | 13010431 Canada Inc. (Necosmart) | MSB | $693,742.50 | Suspicious transaction reports, Policies and procedures, Enhanced measures (high risk), Risk assessment, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-05-14-eng) |
| 2026-05-05 | Birks Group Inc. (Birks) | Precious metals and stones dealer | $51,562.50 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-05-05-2-eng) |
| 2026-05-05 | RE/MAX Twin City Realty Inc. | Real estate | $24,750 | Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-05-05-1-eng) |
| 2026-05-05 | VersaBank | Bank | $42,075 | Policies and procedures, Enhanced measures (high risk) | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-05-05-eng) |
| 2026-03-26 | Northern Isga Foundation | Charity receiving casino revenue | $91,162.50 | Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-03-26-eng) |
| 2026-02-12 | Manor Windsor Realty Ltd. | Real estate | $107,250 | Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-02-12-eng) |
| 2026-02-10 | Century 21 Heritage Group Ltd. | Real estate | $148,912.50 | Suspicious transaction reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-02-10-eng) |
| 2026-02-05 | Commerciale I.C. - Pacific Inc. (I.C. - Pacific Trading Inc.) | MSB | $224,235 | EFT reports, Policies and procedures, Risk assessment, Two-year review, Ministerial directive | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-02-05-eng) |
| 2026-02-05 | TreasureMeta Corporation (registered as Cappo FX Inc.) | MSB | $24,750 | MSB registration | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2026-02-05-1-eng) |
| 2025-12-18 | MP Technology Services Ltd. (MoonPay subsidiary) | Foreign MSB | $536,853.35 | EFT reports, Policies and procedures, Risk assessment, Suspicious transaction reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-12-18-eng) |
| 2025-12-11 | Juba Express Inc. | MSB | $67,150 | Policies and procedures, Risk assessment, EFT reports, Large cash reports, MSB registration | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-12-11-eng) |
| 2025-12-04 | Griffin Jewellery Designs Inc. | Precious metals and stones dealer | $77,137.50 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-12-04-eng) |
| 2025-12-02 | 2294235 Ontario Inc. (Global Currency Exchange) | MSB | $70,537.50 | Policies and procedures, Risk assessment, Training program, Two-year review, Documents not provided to FINTRAC, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-12-02-eng) |
| 2025-11-27 | Synergy Credit Union | Credit union | $214,500 | Suspicious transaction reports, Risk assessment, Enhanced measures (high risk), Policies and procedures | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-27-eng) |
| 2025-11-20 | Houston & Associates Realty Ltd. (Houston Realty.ca) | Real estate | $117,975 ($63,987.50 paid after appeal) | Policies and procedures, Risk assessment, Training program, Two-year review, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-20-5-eng) |
| 2025-11-20 | HomeLife New World Realty Inc. | Real estate | $36,135 | Policies and procedures, Risk assessment, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-20-4-eng) |
| 2025-11-20 | Pacesetter Marketing Ltd. | Real estate | $41,085 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-20-2-eng) |
| 2025-11-20 | 1135233 B.C. Ltd. (LeHomes Realty Premier) | Real estate | $149,886 | Suspicious transaction reports, Compliance officer, Policies and procedures, Risk assessment, Training program, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-20-3-eng) |
| 2025-11-20 | 9321-0599 Québec Inc. (Les Immeubles Star / Star Realty) | Real estate | $23,100 | Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-11-20-1-eng) |
| 2025-10-22 | Xeltox Enterprises Ltd. (Cryptomus) | MSB | $176,960,190 | Suspicious transaction reports, Ministerial directive, Policies and procedures, Risk assessment, MSB registration, Large virtual currency reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-22-eng) |
| 2025-10-16 | First Nations Bank of Canada | Bank | $601,139.80 | Suspicious transaction reports, Policies and procedures, Risk assessment, Enhanced measures (high risk), Ongoing monitoring | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-16-eng) |
| 2025-10-09 | DMCL Chartered Professional Accountants | Accountants | $72,750 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-09-eng) |
| 2025-10-02 | HRA Group Holdings (HRA Group) | Precious metals and stones dealer | $132,000 | Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-02-eng) |
| 2025-09-25 | Peken Global Limited (KuCoin) | Foreign MSB | $19,552,000 | MSB registration, Large virtual currency reports, Suspicious transaction reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-25-eng) |
| 2025-09-23 | Spence Diamonds Ltd. | Precious metals and stones dealer | $264,000 | Suspicious transaction reports, Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-23-eng) |
| 2025-09-18 | Primary Capital Inc. | Securities dealer | $93,390 | Policies and procedures, Risk assessment, Two-year review, PEP determination | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-18-eng) |
| 2025-09-12 | Saskatchewan Indian Gaming Authority (SIGA) | Casino | $1,175,000 | Suspicious transaction reports, Policies and procedures | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-12-eng) |
| 2025-09-04 | Canadian National Exhibition Association (CNE Casino) | Casino | $199,000 | Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-09-04-eng) |
| 2025-08-28 | British Columbia Lottery Corporation (BCLC) | Casino | $1,075,000 | Suspicious transaction reports, Policies and procedures, Enhanced measures (high risk) | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-08-28-eng) |
| 2025-07-03 | Canaccord Genuity Corp. | Securities dealer | $544,500 | Suspicious transaction reports, Policies and procedures, Risk assessment, Enhanced measures (high risk) | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-07-03-eng) |
| 2025-06-12 | Hub Capital Inc. | Securities dealer | $99,000 | Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-06-12-eng) |
| 2025-06-10 | Cambrian Credit Union | Credit union | $116,160 | Suspicious transaction reports, EFT reports, Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-06-10-eng) |
| 2025-05-29 | Crystal Currency Exchange Inc. | MSB | $348,067.50 | Suspicious transaction reports, Large cash reports, EFT reports, Compliance officer, Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-05-29-eng) |
| 2025-05-13 | Marouf Management Inc. (Marouf Currency Exchange) | MSB | $249,480.50 | Policies and procedures, Risk assessment, Ministerial directive, Record keeping, MSB registration | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-05-13-eng) |
| 2025-05-06 | Immeubles Village Pointe-Claire Inc. (Royal LePage Village) | Real estate | $36,360 | Policies and procedures, Training program, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-05-06-eng) |
| 2025-05-01 | Immeubles Jack Sera, Inc. | Real estate | $107,250 | Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-05-01-eng) |
| 2025-02-25 | MSBG International Holdings Ltd. (MTT Centre) | MSB | $24,750 | Policies and procedures | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-02-25-eng) |
| 2025-02-13 | Argosy Securities Inc. | Securities dealer | $66,000 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-02-13-eng) |
| 2025-02-06 | 2147353 Ontario Inc. (Cash Shop #27) | MSB | $33,000 | Documents not provided to FINTRAC | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2025-02-06-eng) |
| 2024-12-11 | Exchange Bank of Canada | Bank | $2,457,750 (varied to $1,027,975 by the Federal Court) | Suspicious transaction reports, Ongoing monitoring, Large cash reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-12-11-eng) |
| 2024-11-28 | 1121920 B.C. Ltd. (Simple Canadian Services) | MSB | $229,350 | EFT reports, Policies and procedures, Risk assessment, Two-year review, Ministerial directive | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-11-28-eng) |
| 2024-10-29 | Jones Lang LaSalle Real Estate Services, Inc. (JLL) | Real estate | $107,827.50 | Policies and procedures, Risk assessment, Training program, Two-year review, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-10-29-eng) |
| 2024-09-24 | 1000085532 Ontario Inc. (Right At Home Realty) | Real estate | $57,750 | Policies and procedures, Risk assessment, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-09-24-eng) |
| 2024-09-19 | Coinseason Capital Inc. | MSB | $33,000 | MSB registration | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-09-19-eng) |
| 2024-09-12 | Canada Changjiang Management Ltd. | MSB | $315,282 | Suspicious transaction reports, Large cash reports, EFT reports, Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-09-12-eng) |
| 2024-07-31 | Gestion de Patrimoine Blue Bridge Inc. | Securities dealer | $49,500 | Policies and procedures, Risk assessment | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-07-31-eng) |
| 2024-07-16 | Masters Realty (2000) Ltd. (RE/MAX Masters Realty) | Real estate | $83,655 | Policies and procedures, Risk assessment, Two-year review, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-07-16-eng) |
| 2024-07-11 | Metna General Trading Inc. | MSB | $252,285 | Policies and procedures, Risk assessment, Ministerial directive, Record keeping, Agent agreement, MSB registration | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-07-11-eng) |
| 2024-05-09 | Binance Holdings Limited (Binance) | Foreign MSB | $6,002,000 | MSB registration, Large virtual currency reports | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-09-eng) |
| 2024-05-02 | The Toronto-Dominion Bank (TD) | Bank | $9,185,000 | Suspicious transaction reports, Risk assessment, Enhanced measures (high risk), Ongoing monitoring, Record keeping | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-02-eng) |
| 2024-01-17 | Global West Realty Limited | Real estate | $132,000 | Compliance officer, Policies and procedures, Risk assessment, Training program, Two-year review | [FINTRAC notice](https://fintrac-canafe.canada.ca/pen/amps/pen-2024-01-17-eng) |

## Most common violations

The 59 notices list 213 violations in total. The table counts how many notices cite each type of violation at least once.

| Violation (as grouped from the notices) | Notices citing it (of 59) | MSB notices citing it (of 17) |
|---|---|---|
| Compliance policies and procedures | 47 | 12 |
| Risk assessment | 44 | 11 |
| Two-year effectiveness review | 24 | 4 |
| Failure to report suspicious transactions | 21 | 6 |
| Compliance training program | 13 | 2 |
| Record keeping | 11 | 4 |
| Enhanced measures for high risk | 8 | 1 |
| MSB registration obligations | 8 | 8 |
| Electronic funds transfer reports | 7 | 6 |
| Ministerial directive | 5 | 5 |
| Large cash transaction reports | 4 | 3 |
| Compliance officer appointment | 3 | 1 |
| Large virtual currency transaction reports | 3 | 3 |
| Ongoing monitoring | 3 | 0 |
| Failure to provide documents to FINTRAC | 2 | 2 |
| Politically exposed person determination | 1 | 0 |
| Agent or mandatary agreement | 1 | 1 |

- 51 of 59 notices cite at least one compliance program element: policies and procedures, risk assessment, training, the two-year review or the compliance officer.
- 20 notices cite only compliance program elements and no other type of violation.
- 25 notices cite at least one reporting failure: suspicious transaction, electronic funds transfer, large cash or large virtual currency transaction reports.
- Suspicious transaction reporting failures appear in every sector except accountants and the charity. By count, MSBs (6 of 17 notices) and casinos (5 of 6) cite them most often. Banks (3 of 4) and credit unions (3 of 6) also cite them.
- MSB registration violations appear only in MSB notices (8 of 17). They include failing to register as a foreign MSB, renewing late and not reporting changes to registration information.

## How FINTRAC sets penalty amounts

The [Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations](https://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/FullText.html) classify each violation as minor, serious or very serious. Each class has a penalty range per violation. The ranges changed on March 26, 2026, when amendments made by the Strengthening Canada's Immigration System and Borders Act (Bill C-12) came into force.

| Classification | Violations before March 26, 2026 | Violations on or after March 26, 2026 |
|---|---|---|
| Minor | $1 to $1,000 | $1 to $40,000 |
| Serious | $1 to $100,000 | $1 to $4,000,000 |
| Very serious | $1 to $100,000 for an individual; $1 to $500,000 for an entity | $1 to $20,000,000 |

Sources: FINTRAC's [Administrative monetary penalties policy](https://fintrac-canafe.canada.ca/pen/2-eng) for the earlier ranges, and [section 5 of the Regulations](https://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/section-5.html) (current version and [previous version](https://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/section-5-20081230.html)).

- The ranges apply to each violation. FINTRAC notes that multiple violations can result in a total above these limits.
- Since March 26, 2026, [section 73.1 of the Act](https://laws-lois.justice.gc.ca/eng/acts/P-24.501/section-73.1.html) caps each violation at $4,000,000 for a person and $20,000,000 for an entity. All violations in one notice are capped at the greater of $4,000,000 or 3% of gross global income for a person, and the greater of $20,000,000 or 3% of gross global revenue for an entity.
- FINTRAC applies the former policy and amounts to violations that occurred entirely before March 26, 2026. Violations on or after that date fall under the new framework ([FINTRAC: changes following legislative amendments](https://fintrac-canafe.canada.ca/pen/3-eng)).

Under its policy, FINTRAC weighs three criteria: the purpose of penalties (to encourage compliance, not to punish), the harm done by the violation and the entity's compliance history. The calculation has two steps:

- **Harm done.** FINTRAC sets a base amount for each violation. When a requirement is not met at all, the base amount is typically the maximum for that class. FINTRAC publishes [harm done assessment guides](https://fintrac-canafe.canada.ca/pen/1-eng) for each type of violation.
- **Compliance history and non-punitive adjustment.** FINTRAC then adjusts the amount for each violation.

Under the new framework, FINTRAC says it can also consider ability to pay, require compliance agreements for prescribed violations and issue compliance orders. FINTRAC is updating its policy to reflect these changes.

An entity can make written representations to FINTRAC's Director and CEO within 30 days of a notice of violation. The decision can be appealed to the Federal Court.

## MSB registration revocations

Revocation is separate from a penalty. FINTRAC can deny or revoke the registration of an MSB or foreign MSB that:

- is not eligible for registration
- does not answer a clarification request within 30 days
- does not respond, in a timely manner, to demands for information from FINTRAC
- does not notify FINTRAC of updates to its name or address
- fails to provide assistance to FINTRAC

A business whose registration is denied or revoked may request a review within 30 days ([FINTRAC: MSBs with revoked registration](https://fintrac-canafe.canada.ca/msb-esm/revoked-revoquee-eng)).

FINTRAC's official counts come from its annual reports:

- 2023–24: 17 revocations and 2 denials of registration ([2023–24 Annual Report](https://fintrac-canafe.canada.ca/publications/ar/2024/1-eng)).
- 2024–25: 12 revocations. As of March 31, 2025, 2,778 MSBs were registered with FINTRAC ([2024–25 Annual Report](https://fintrac-canafe.canada.ca/publications/ar/2025/1-eng)).
- The 2025–26 annual report had not been published when this page was updated.

FINTRAC also publishes the names of MSBs whose registration was revoked. On October 24, 2026, its list showed 16 revocations dated in 2024, 23 dated in 2025 and 163 dated from January 1 to October 13, 2026. Of the 2026 entries, 139 are dated March to May 2026. This is our count of the public list, not an official FINTRAC statistic. The list shows each business's current status, and its counts do not exactly match the fiscal-year figures in the annual reports.

To check a specific business, use the [FINTRAC Money Services Business Registry](https://fintrac-canafe.canada.ca/msb-esm/reg-eng). It shows each business as Registered, Expired, Ceased or Revoked, is updated monthly and can be downloaded. FINTRAC states that registration is not an endorsement or a licence.

## What MSBs should check

These points come only from the violations in the 17 MSB notices above.

- **Compliance policies and procedures.** Written, kept up to date, approved by a senior officer and applied in practice. Cited in 12 of 17 MSB notices.
- **Risk assessment.** Assessed and documented, taking the prescribed factors into account. Cited in 11 of 17.
- **Registration.** Registered before offering services (including foreign MSBs), renewed on time and updated when information changes. Cited in 8 of 17.
- **Suspicious transaction reports.** Filed when there are reasonable grounds to suspect a transaction is related to money laundering or terrorist financing. Cited in 6 of 17.
- **Large transaction reports.** Electronic funds transfers of $10,000 or more (6 of 17), large cash transactions (3) and large virtual currency transactions (3).
- **Ministerial directives.** Built into procedures and followed. All 5 directive violations in MSB notices concern the directive on financial transactions associated with Iran.

## Methodology and sources

- **Scope.** Every notice listed on FINTRAC's public notice page with a publication date from January 1, 2024 to October 24, 2026. FINTRAC keeps notices online for 5 years.
- **Date.** The date FINTRAC published the notice. Each notice also states when the penalty was imposed.
- **Amount.** The penalty as imposed and stated in the notice. Later changes reported in a notice are shown in the table.
- **Sector.** As described in the notice. Foreign MSBs are counted as MSBs.
- **Violations.** Each violation heading in a notice was assigned to one group. Counts show the number of notices that cite a group at least once.
- **Status.** A notice records FINTRAC's decision when it was published. 21 of the 59 notices say the entity appealed to the Federal Court. Administrative monetary penalties are civil penalties, not criminal convictions.
- **Updates.** The dataset is checked against FINTRAC's public notice page every month.

Sources used:

- FINTRAC, [Public notice of administrative monetary penalties](https://fintrac-canafe.canada.ca/pen/4-eng), and each notice linked in the table above
- FINTRAC, [Penalties for non-compliance](https://fintrac-canafe.canada.ca/pen/1-eng)
- FINTRAC, [Administrative monetary penalties policy](https://fintrac-canafe.canada.ca/pen/2-eng)
- FINTRAC, [Administrative monetary penalties: Changes following legislative amendments](https://fintrac-canafe.canada.ca/pen/3-eng)
- Justice Laws, [Administrative Monetary Penalties Regulations, SOR/2007-292](https://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/FullText.html) and [section 5, version from 2008-12-30 to 2026-03-25](https://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/section-5-20081230.html)
- Justice Laws, [Proceeds of Crime (Money Laundering) and Terrorist Financing Act, section 73.1](https://laws-lois.justice.gc.ca/eng/acts/P-24.501/section-73.1.html)
- FINTRAC, [Money Services Business Registry](https://fintrac-canafe.canada.ca/msb-esm/reg-eng)
- FINTRAC, [Money services businesses with revoked registration](https://fintrac-canafe.canada.ca/msb-esm/revoked-revoquee-eng)
- FINTRAC, [Registration: denial or revocation of registration](https://fintrac-canafe.canada.ca/msb-esm/register-inscrire/respond-eng)
- FINTRAC, [2023–24 Annual Report](https://fintrac-canafe.canada.ca/publications/ar/2024/1-eng) and [2024–25 Annual Report](https://fintrac-canafe.canada.ca/publications/ar/2025/1-eng)

> This article is for informational purposes only and does not constitute legal advice. For specific guidance on your MSB's compliance obligations, please consult a qualified professional or [contact our team](https://cbesgroup.ca/contacts) directly.

## FAQ

**Q: How many penalties has FINTRAC issued since 2024?**

A: From January 1, 2024 to October 24, 2026, FINTRAC published 59 public notices of administrative monetary penalties totalling $225,090,550.15: 12 in 2024 ($18.9 million), 30 in 2025 ($203.1 million) and 17 in 2026 so far ($3.1 million). Seventeen of the 59 involved money services businesses. One 2025 penalty of $176,960,190 on Xeltox Enterprises Ltd. (Cryptomus) accounts for 79% of the total.

**Q: What is the FINTRAC penalty for failing to report a suspicious transaction?**

A: Failing to report a suspicious transaction (section 7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act) is classified as a very serious violation. For violations before March 26, 2026, the range is $1 to $500,000 per violation for an entity and $1 to $100,000 for an individual. For violations on or after that date, the Regulations set a range of $1 to $20,000,000, and the Act caps each violation at $4,000,000 for a person. Since January 2024, 21 of 59 notices cited this failure. Two notices that cited only this violation imposed $399,712.50 (New Brunswick Lotteries and Gaming Corporation) and $148,912.50 (Century 21 Heritage Group Ltd.).

**Q: How are FINTRAC penalty amounts calculated?**

A: Each violation is classified as minor, serious or very serious, and each class has a range per violation. Under its policy, FINTRAC first assesses the harm done to set a base amount; when a requirement is not met at all, the base amount is typically the maximum for that class. It then adjusts the amount for the entity's compliance history and the non-punitive purpose of penalties. For violations on or after March 26, 2026, maximums are higher and FINTRAC can also consider ability to pay.

**Q: Which sectors receive the most FINTRAC penalties?**

A: By number of public notices from January 2024 to October 24, 2026: money services businesses 17 (including 3 foreign MSBs), real estate 15, casinos 6, credit unions 6, securities dealers 5, banks 4, precious metals and stones dealers 4, accountants 1 and one charity receiving casino revenue. By amount, MSBs account for $205.6 million of the $225.1 million total, mostly from the $176,960,190 Cryptomus penalty. Banks follow with $12.3 million.

**Q: Can FINTRAC revoke an MSB registration?**

A: Yes. FINTRAC can deny or revoke the registration of an MSB or foreign MSB that is not eligible, does not answer a clarification request within 30 days, does not respond in a timely manner to demands for information, does not notify FINTRAC of updates to its name or address, or fails to provide assistance. The business may request a review within 30 days. FINTRAC reported 17 revocations in 2023–24 and 12 in 2024–25, and publishes the names of MSBs whose registration was revoked.

**Q: Where can I check whether an MSB is registered with FINTRAC?**

A: In FINTRAC's Money Services Business Registry at fintrac-canafe.canada.ca/msb-esm/reg-eng. It shows each business as Registered, Expired, Ceased or Revoked, is updated monthly and can be downloaded. FINTRAC also keeps a separate list of MSBs with revoked registration. FINTRAC states that registration is not an endorsement or a licence.