FINTRAC imposes an administrative monetary penalty on MP Technology Services Ltd.

FINTRAC imposed an administrative monetary penalty of CAD 536,853.35 on MP Technology Services Ltd., a Seychelles-incorporated foreign money services business and subsidiary of MoonPay Inc., following a compliance examination that found multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including failures to report incoming electronic funds transfers, maintain written compliance policies, assess and document ML/TF risk, and submit suspicious transaction reports.