FINTRAC Levies C$70,537 Fine on Global Currency Exchange in Ontario

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has announced a significant administrative monetary penalty against 2294235 Ontario Inc., operating as Global Currency Exchange, located in Niagara Falls, Ontario. The penalty, amounting to C$70,537.50, was imposed following a compliance examination conducted by the agency and was officially announced on December 2, 2025.

Global Currency Exchange has been found to have committed numerous violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as well as associated regulations. These breaches included failures in monitoring and reporting obligations, specifically in not submitting Suspicious Activity Reports (SARs) when there were reasonable grounds to suspect that certain transactions were linked to money laundering or terrorist financing.

In a statement regarding the enforcement action, Sarah Paquet, the Director and Chief Executive Officer of FINTRAC, remarked, "Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed." This statement underscores the importance of compliance with anti-money laundering regulations in maintaining the integrity of Canada’s financial system.

The enforcement action against Global Currency Exchange is part of a broader trend, reflecting ongoing efforts by Canadian regulators to strengthen compliance measures within the financial services sector. The agency has been increasingly vigilant in monitoring businesses under its jurisdiction to ensure adherence to anti-money laundering and counter-terrorist financing protocols.

The penalties imposed by FINTRAC serve as a reminder to all financial service providers of the necessity for rigorous compliance with established regulations. These measures are critical in safeguarding the financial system against potential abuses that may facilitate illicit activities. As Canada's financial landscape evolves, the importance of effective regulatory frameworks remains paramount.

For more information, please contact the Media Relations department at FINTRAC.

Contact information: 613-716-9983 or media.medias@fintrac-canafe.gc.ca. Follow FINTRAC on social media platforms such as X, LinkedIn, and YouTube for updates and news regarding compliance and enforcement actions.