FINTRAC imposes an administrative monetary penalty on Altaif Inc., in Ottawa, Ontario

July 28, 2014 – Ottawa, ON – Financial Transactions and Reports Analysis Centre of Canada

Altaif Inc., a money services business in Ottawa, Ontario, was imposed an administrative monetary penalty of $42,600 on May 14, 2014, for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).

Altaif Inc. was found to have the following deficiencies:

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"Canada's anti-money laundering and anti-terrorist financing regime is dependent on the dedicated efforts of Canada's businesses on the front lines of the legitimate economy. Our compliance efforts are targeted at ensuring they fulfill their legal obligations and send us the information that we need to produce actionable financial intelligence for our law enforcement and national security partners."

Gérald Cossette
Director, Financial Transactions and Reports Analysis Centre of Canada

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Peter Lamey
Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-943-3399

FINTRAC is an arm's length agency governed by the PCMLTFA that reports to Parliament through the Minister of Finance. The Centre produces financial intelligence that helps law enforcement and national security agencies in fighting money laundering, terrorist activity financing and threats to the security of Canada. FINTRAC's financial intelligence assists hundreds of criminal investigations every year, including those where the alleged laundered proceeds are linked to drug offences, fraud, tax evasion, corruption and human smuggling and trafficking.

A fundamental aspect of FINTRAC's mandate is the deterrence and detection of money laundering and terrorist financing. To do so, FINTRAC ensures that businesses subject to the PCMLTFA across the country meet their obligations and generate the financial transaction reports that serve as the foundation for FINTRAC's analysis and intelligence.

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