FINTRAC imposes an administrative monetary penalty on Spence Diamonds Ltd.

FINTRAC imposed an administrative monetary penalty of CAD 264,000 on Spence Diamonds Ltd. (also operating as Spence Diamonds) on May 8, 2025, following a compliance examination that found multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including failures to submit suspicious transaction reports, maintain written compliance policies and training, assess and document ML/TF risk, and conduct prescribed reviews. The penalty will be paid in full and proceedings have ended.