Canada’s money laundering watchdog has fined the Saskatchewan Indian Gaming Authority (SIGA) nearly $1.2 million [US$867K] for non-compliance with anti-money laundering regulations.
According to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), SIGA, which operates seven casinos in Saskatchewan, failed to meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
FINTRAC says SIGA failed to submit suspicious transaction reports, failed to report suspicious transactions with the prescribed information, and failed to develop and apply written compliance policies and procedures.
According to FINTRAC, the penalty totalling $1,175,000 was imposed on Aug. 28… FINTRAC says as Canada’s financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, it ensures businesses comply with anti-money laundering and anti-terrorist financing regulations.
