FINTRAC levies $1M penalty on Saskatchewan Indian Gaming Authority

The Saskatchewan Indian Gaming Authority (SIGA) has been hit with an administrative financial penalty of greater than $1 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) following a compliance examination.

FINTRAC, which is answerable for monitoring anti-money laundering and anti-terrorist financing obligations, said in a public notice posted on Friday that SIGA dedicated three violations:

• Failing to submit 4 suspicious transaction stories the place there have been affordable grounds to suspect potential cash laundering or terrorist financing.
• Leaving required particulars out of three further stories.
• And failing to keep up up-to-date compliance insurance policies and threat assessments for patrons.

The first violation is classifed as “very serious” and the opposite two are categorised as “serious,” FINTRAC stated.

SIGA, which operates seven casinos in Saskatchewan, stated the $1,175,000 penalty is predicated solely on administrative reporting necessities. 

“There is no money laundering, terrorist financing or other financial crimes at SIGA’s properties,” SIGA stated in a press release.

The gaming authority stated it disagrees with each the findings and the assessed penalty and shall be interesting the choice to the federal court docket.

FINTRAC has issued greater than 150 penalties throughout a number of enterprise sectors since gaining the authority in 2008.