FINTRAC fines Atlantic Lottery C$212,025 for AML compliance failures

Canada’s financial intelligence unit has penalized Atlantic Lottery Corporation C$212,025 (US$149,700) after a compliance review found three breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related rules. For PSPs and gambling operators, the useful part is not the fine itself but the checklist: suspicious transaction reporting, approved written policies, and a documented risk assessment.

1. FINTRAC issued the penalty on May 29 after finding that Atlantic Lottery did not file a suspicious transaction report when there were good reasons to suspect a link to money laundering or terrorist financing.
2. The watchdog also said the company did not maintain current written compliance policies and procedures approved by a senior officer.
3. FINTRAC further found that Atlantic Lottery failed to adequately assess and document its money laundering and terrorist financing risks, which is part of the required compliance framework under the Act and related rules.
4. In its statement, FINTRAC said Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is meant to protect Canadian businesses, the financial system, and support law enforcement and national security investigations. The company has settled the penalty in full.