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Canada’s FINTRAC Imposes Record $126M Fine on Cryptomus for AML Violations
Canada’s FINTRAC Imposes Record $126M Fine on Cryptomus for AML Violations
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BTCCSquare news:
Canada’s financial intelligence unit has levied its largest-ever penalty against a cryptocurrency platform, fining Vancouver-based Cryptomus $126 million for systemic compliance failures. The exchange neglected to report over 1,000 suspicious transactions in July 2024 alone, including transfers linked to child exploitation materials and sanctions evasion.
FINTRAC’s investigation revealed alarming gaps in Cryptomus’ oversight. Beyond the unreported suspicious activity, the platform failed to document 1,500 large cryptocurrency movements and ignored a Ministerial Directive. The regulator’s findings paint a picture of an exchange operating without proper risk assessment protocols or updated compliance policies.
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